Apple Inc. Gets PT Boost at BofA/Merrill Lynch (AAPL)

This morning, BofA/Merrill Lynch had cautious words for Apple Inc. (AAPL) investors regarding the expected rise in iPhone sales from Apple’s increased presence in China. Even with the commentary, BofA/Merrill Lynch raised its PT on Apple.

Scott Craig, an analyst at BofA/Merrill Lynch, had the following commentary about Apple’s expected sales in China: “We continue to believe heightened expectations of significant incremental iPhone units from China Mobile are unwarranted and investor/Street expectations are simply too high. While we assert that China Mobile is a clear positive, we believe incremental units should be less than 10mn.”

The analyst went on to say that he believes that though there will be a slight increase to AAPL’s EPS, it will not be as drastic as some investors are hoping. The analyst did, however, raise AAPL’s PT from $530 to $600, suggesting a 6% increase to Apple’s current stock price. The “Neutral” rating and FY2014 guidance were left unchanged.

Apple stock was down $2.48, or 0.44%, in pre-market trading. YTD, the company’s stock is up 3.17%.