Apple (AAPL) Price Target Fine-Tuned at Needham & Company

February 10, 2014 7:49 AM EST
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Price: $119.04 --0%

Rating Summary:
    60 Buy, 10 Hold, 5 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Needham & Company analyst Charlie Wolf trimmed his price target on Buy-rated Apple (NASDAQ: AAPL) from $595 to $590 but continues to estimate 2014 and 2015 earnings of $43.40 and $48.70, respectively.

Changes in the firm's valuation model resulted from integrating Apple's 2013 revenues and unit sales into the first year of their forecast in 2014. The most notable changes in individual segments were a $17.15 increase in the contribution of excess cash and a $24.54 decrease in the value of iTunes, software and services.

The value of the Mac, which had plunged in recent valuation exercises, increased $8.92. This is because their estimated average Mac selling price was 30% below the actual Mac price, a reflection of Apple's ability to maintain virtually a constant average selling price even while gaining share in the PC market.

The value of the iPad decreased $8.35, reflecting a much sharper loss of share in the tablet market than they had forecast in previous valuation exercises.

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $519.68 yesterday.

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