Canaccord Genuity Reiterates a 'Buy' on Apple (AAPL); Increases Value Share and Captures Smartphone Market Share

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Canaccord Genuity reiterates a 'Buy' on Apple (NASDAQ: AAPL), price target raised by $5 to $515.

Canaccord analyst, T. Michael Walkley, says, "Due to record iPhone sales during Q3/F2011, Apple increased both smartphone market share and share of industry profits. We anticipate continued strong earnings growth for Apple due to our checks indicating strong global demand for the iPhone and iPad. We reiterate our rating and increase our price target. Apple remains a top pick...We have slightly updated ASP assumptions in our model, leading us to increase our F2011 pro forma EPS estimate from $26.35 to $26.37 and our F2012 estimate from $30.04 to $30.29."

For more ratings news on Apple click here and for the rating history of Apple click here.

Shares of Apple closed at $390.48 yesterday, with a 52 week range of $235.56-$404.50.

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