Analysts Generally Bullish on Apple Results, But Concerned About Gross Margins

4/24 - "Most of the Street commentary this morning is bullish - as you will see many analysts raised price targets - but the disappointing margins were all much discussed. Another factor noted by a few analysts was the boost to EPS from the lower than expected tax rate, at 29% versus a forecast 32%."

"Mike Abramsky, RBC Capital: “We believe investors will look past Q2 GM softness and focus on the stronger momentum, product cycle catalysts, share gains, iPhone 3G and Apple’s growing market opportunity,” he writes. Abramsky maintains an Outperform rating, and upped his price target to $200 from $190."

"Charlie Wolf, Needham: “There was only one story in the quarter - Mac sales. In a PC market that experienced 12% growth, Mac shipments rose 51%.” Maintains Buy rating and $235 target price."

"Toni Sacconaghi, Bernstein Research: “Gross margin failed to show the upsi...