Apple price target raised to $270 from $260 at JPMorgan

JPMorgan raised the firm’s price target on Apple (AAPL) to $270 from $260 and keeps an Overweight rating on the shares post the fiscal Q1 report. Apple’s guidance for the March quarter was a key watch point for investors and the outlook was “better-than-feared” as commentary relative to a strong close to Q1 in China and depleting channel inventory will reassure investors relative to a much easier setup into Q2, the analyst tells investors in a research note. The firm says iPhones qualifying for the recent subsidies as well as a depleted channel inventory will help the company moderate the revenue decline of 11% year-over-year exhibited in Q1 in the region and is likely driving the company’s confidence in guiding for low- to mid-single digit revenue growth again in Q2.