Apple up 3.5% premarket after China Mobile deal

|About: Apple Inc. (AAPL)|By:, SA News Editor

"While the China Mobile announcement had long been anticipated, we believe the official announcement, and the consequent certainty, should be viewed as a positive," says Wells' Maynard Um. He thinks there's upside to his team's December quarter iPhone units estimate of 54.8M, and he's comfortable his 42.8M prediction for the March quarter, "which implicitly includes some China Mobile units."

Apple's (AAPL) price target is hiked to $650 from $600 at Stifel, which sees incremental EPS from the deal in the $4-$8 range.

Piper's Gene Munster says the deal means another 17M more iPhones sold in 2014, and a 5% boost to revenue.

Shares +3.5% premarket