We are still upbeat about shares of Apple (AAPL), one of the world's leading manufacturers of smartphones, tablets, PCs and software. The company recently released a strong financial report for 4Q FY15.According to the report, revenue rose 22.3% y-o-y to USD 51.5 bn due to increased demand for the company’s products on all markets. Sales in China spiked 99% over the year to USD 12.5 bn. Sales in other Asian countries were up 27%. The US remained Apple’s key market, with sales totaling USD 21.8 bn (+10% y-o-y). Revenue in Europe climbed 2% to USD 10.6 bn. Apple sold 48 mn iPhones (+22% y-o-y) during the reporting quarter, revenue from iPhone sales soared 36% to USD 32.2 bn. Sales of Mac reached 5.7 mn devices (+3%) totaling USD 6.9 bn (+4%). At the same time, iPad sales fell by 20% to 19.9 devices, while revenue from their sales decreased by 19% to USD 4.3 bn. Revenue from services, including income from iTunes Store, App Store, Mac App Store, iBooks Store, AppleCare, Apple Pay, amounted to USD 5 bn (+10%). Sales of other products, including iPod, Apple TV, Beats Electronics and various accessories reached USD 3 bn (+61%). Gross margin climbed 1.9 pps in the reporting period and reached 39.9%. Operating margin rose 1.9 pps. Adjusted EPS surged 38.0% y-o-y to USD 1.96, outpacing median estimate of USD 1.878. Quarterly dividend amounted to 52 cents, yielding 1.7%. The company paid out USD 17 bn to its shareholders via dividends and buyback. The company paid out USD 143 bn in total as part of its USD 200 bn capital return program.Apple’s management is upbeat about future. According to the forecast for 1Q FY16, revenue is expected to increase to USD 75.5-77.5 bn (up from 1.2-3.9% y-o-y). Gross margin will reach 39.9-40.0%We believe that the release of updated versions of smartphones will drive up the company's financial performance in the short term. Notably, new models of smartphones are right around the corner as Apple plans to release its iPhone 7 next year. All of this, coupled with the ongoing share buyback program and rising dividend, will propel the company's share price performance. We left our target price of Apple shares unchanged at USD 145 and reiterate a Buy recommendation in the mid-term. The short-term technical target is USD 125. $AAPL, Apple Inc. / 1440