MADRID (MarketWatch) -- Apple
Inc.'s 12-month share-price target
was lifted to $600 from $420.50 on Thursday by analysts at Societe Generale, who kept their buy rating on the stock. Citing better-than-expected results released Tuesday from the iPhone maker, the anlayst said they were encouraged by higher iPhone sales and the fact that average selling prices for Apple also rose. The latter, they said, is "impressive given that Apple was successful in selling good quantities of older iPhone models at reduced prices during the quarter." The analysts estimate the gross margin on handset sales is near 60%. The analyst have raised their average earnings per share forecasts by 12% for the next two years.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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