Target was $350.
Brief clip from the PDF....
Raising AAPL PT on Services & Wearables Lock-In
We raise our price target for AAPL because we believe: a) LTV upside is being driven by Services
and Wearables which enhance AAPL ecosystem lock-in plus add to revenue per user; b) AAPL's
strong BS, FCF, and share repurchases moderate investor risk; c) AAPL's platform aggregates
950mm of the wealthiest consumers globally; and d) AAPL is on the correct side of privacy
regulators. We calculate that each of AAPL's unique users will add nearly $2,000 of Gross Profit
to AAPL, of which iPhone sales represent about 38%. The bulk of AAPL's LTV is attributable to
Services revenue (a recurring and high margin revenue stream) plus Ancillary product sales (ie,
non-iPhone). More importantly, these "brand-extension" categories lock-in users so they stay
in AAPL's ecosystem longer, which drives higher LTV (our view).