AAPL’s Target Price Raised By JP Morgan, Citi and BofA/Merrill

JP Morgan raised its price target for Apple AAPL to $400 from $390, while maintaining its “overweight” rating on the company. JP Morgan expects continued momentum in AAPL’s Mac, iPhone and iPad devices. The investment firm believes that AAPL’s shares should trade as a high growth story, rather than as a value stock. Citigroup keeps its “buy” rating on Apple, while raising its target price to $350 from $330. Citigroup cited the company's stronger-than-expected quarter as the reason for the change in its target price. According to the investment firm, AAPL’s shares will reach close to $300 by the end of the year as new products are introduced and after a potential launch by Verizon. BofA/Merrill has also raised price target for AAPL to $360 from $340. More Analyst Ratings here.