Apple's Stock Price Target Raised At RBC Capital

Apple Inc.'s stock price target was bumped up to $142, which is 12% above Monday's closing price, from $140 at RBC Capital, which said the technology giant's sales and gross margins could beat expectations. Analyst Amit Daryanani reiterated his outperform rating, and raised his fiscal second-quarter said his research indicates that iPhone demand has remained strong through the current quarter (ending March) earnings-per-share estimate to $2.14 from $2.03 and his revenue estimate to $55.4 billion from $54.2 billion, as his research indicates iPhone demand has remained strong through the quarter. He believes the margin profile will improve as Apple looks to offset currency headwinds, likely through supply chain contract changes. Daryanani believes yield improvements, improved product mix and pricing and the Apple Watch ramp starting next quarter will also boost margins. The stock, a component of the Dow Jones Industrial Average , eased 0.3% in premarket trade. It has climbed 14% year to date, while the Dow has gained 0.9%.