Canaccord Genuity Reiterates a 'Buy' on Apple (AAPL); Strong Quarter; Adding iTV to Estimates

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Canaccord Genuity reiterates a 'Buy' on Apple (NASDAQ: AAPL) price target raised to $775.00.

Analyst, T. Michael Walkley, said, "While our checks indicate slowing iPhone sales ahead of the iPhone 5 launch, we believe very strong international iPhone sales position Apple for very strong sales of an LTE iPhone 5 in the December quarter and beyond to drive strong F2013 earnings growth. We maintain our belief Apple is well positioned for strong sales and earnings growth driven by new product introductions across its portfolio, including iPhone 5 during this fall and iTV during F2013. Given our increased confidence of an iTV launch, we are adding iTV sales to our higher F2013 estimates." (FY12 EPS estimate from $43.13 to $43.62 and FY13 from $52.79 to $55.34)

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 $560.28 yesterday, with a 52 week range of $310.50-$644.00.

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