[Bernstein maintains Apple's "outperform" rating with a target price of $370] On November 3, Bernstein reiterated Apple's "outperform" rating and maintained a target price of $370. The agency believes that Apple's fourth-quarter performance was strong, with revenue increasing 12% year-on-year to US$114.5 billion, 1.6% and 0.9% higher than Bernstein and market expectations respectively. Diluted earnings per share were US$2.10, exceeding Bernstein and market expectations by 6% and 5% respectively. Among them, iPhone business revenue increased by 17% year-on-year, exceeding the previous expectation of about 15%; service business revenue increased by 10%. If the adverse impact of exchange rates is excluded, the growth rate would be approximately 12.5%.