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Apple Inc.

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Apple reported better-than-expected first-quarter 2015 results, beating the Zacks Consensus Estimate for both earnings and revenues. Results were driven by a surge in iPhone and Macintosh sales. The company benefited from strong demand across key regions, like Greater China. We believe that a refreshed product portfolio, Apple Pay and the upcoming Apple Watch will drive the top line over the next several quarters. These should also improve Apple’s competitive position in the near term. Moreover, the availability of Microsoft Office and the partnership with IBM will likely boost iPad adoption among enterprises over the long haul.

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