Scotia Capital Maintains Sector Perform On Apple

Scotia Capital is out with a research report on Apple AAPL and it has a Sector Perform rating and a one-year price target of $440. In a note to clients, Scotia Capital writes, "Better than expected iPhone and iPad volumes lead to better than expected quarter: Revenue of US$28,571M was 12.5% better than we expected and EPS of US$7.79 was 31% better. Revenue beat largely due to the iPhone which sold 20.4M units vs expectations of 18.0M and iPad sales of 9.3M units vs expectations of 7.0M." Shares of AAPL closed at $386.90 yesterday.