Argus analyst Jim Kelleher keeps a Buy rating and $280 price target on Apple (AAPL) after its Q1 results. The company’s iPhone sales missed pre-reporting consensus expectations, while Service revenue set another new all-time record in Q1 and Mac and iPad were both strong, and while China sales lagged expectations and fell 11%, Apple grew sales in all other regions, the analyst tells investors in a research note. Apple’s relentless global expansion will compensate in time for what will be structurally lower sales to China, the firm added.
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