Apple (AAPL) a Buy on Solid Pipeline - Canaccord Genuity

July 24, 2013 10:20 AM EDT
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Price: $119.97 -0.09%

Rating Summary:
    59 Buy, 11 Hold, 5 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 19 | Down: 19 | New: 13
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Canaccord Genuity analyst T. Michael Walkley reiterated a Buy rating and $530 price target on Apple (NASDAQ: AAPL) following third quarter earnings.

"We maintain our belief that Apple has a strong product pipeline, including a refreshed iPhone 5S, mid-tier iPhone, and iPad lineup that should result in solid earnings growth during F'14," he said.

Mr. Walkley added "We believe Appleā€™s Q4/F13 guidance implies roughly flat Q/Q EPS and is consistent with our expectations for a Sept iPhone 5S launch, offset by continued channel inventory reduction during the quarter."

The analyst decreased his 2013 Annual EPS estimates to $38.79 and increased his 2014 Annual EPS estimates to $44.20. He also decreased his 2013 and 2014 Annual Revenue estimates to $169.0B and $184.1B, respectively.

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 $418.99 yesterday.

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