Apple price target raised to $320 from $279 at Goldman Sachs

Goldman Sachs analyst Michael Ng raised the firm’s price target on Apple (AAPL) to $320 from $279 and keeps a Buy rating on the shares. Apple’s Q4 EPS beat as a beat in Services more than offset a miss in iPhone, though iPhone demand was very strong with the iPhone revenue miss in the quarter driven by supply constraints with channel inventories down quarter over quarter, the analyst tells investors in a research note. While limiting margin expansion, Goldman “applauds” the technology investments to support new product innovation and revenue growth.