JMP Securities has raised its price target on Apple by US$9, reports The Street, saying the company’s stock is trading below its two-year average multiple of slightly more than 40 times earnings. “The firm lifted its target to $93 from $84 and is expecting revenue of $6.8 billion for the December quarter. JMP is also looking for earnings, after all unusual items are accounted for, of 80 cents a share. Both are above the guidance Apple has provided.”
