Apple risk/reward positive at current share levels, says Deutsche Bank

Deutsche Bank analyst Sidney Ho keeps a Buy rating on Apple with a $160 price target following last night’s fiscal Q1 results. The company’s growth is expected to accelerate in Q2 from Q1 with currency a smaller headwind than expected, the analyst tells investors in a research note. For Apple’s Services business, key performance indicators are trending positively and should be good leading indicators for the growth of the business, the firm contends. That said, it believes consumer discretionary spending will remain challenged in the near term. The analyst sees a positive risk/reward at current share levels.