Credit Suisse Goes To $750 on Apple (AAPL), Global Smarthphone Market at Just the Tip of the Iceberg
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Price: $445.15 +0.68%
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
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Credit Suisse raised its price target on Outperform-rated Apple (NASDAQ: AAPL) from $700 to $750 on Thursday.
The new price target bring the average consensus price target on Apple to $685.47, according to Ratings Insider, suggesting another 9.5% upside.
The firm also raised calendar year 2012 EPS on Apple by 5% to $50.14 and calendar 2013 EPS by 10% to $60.72.
The new price target comes after the firm raised global smarthphone sales estimates. Their 2012 global smartphone market forecast rises 9% to 688 million and 2013 rises 15% to 885 million. They see strength in both the high and low-end.
The longer-term addressable market for smartphones is 2.35 billion, they said. This suggests just 33% penetration currently.
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 $626.20 yesterday, with a 52 week range of $310.50-$644.00.
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The new price target bring the average consensus price target on Apple to $685.47, according to Ratings Insider, suggesting another 9.5% upside.
The firm also raised calendar year 2012 EPS on Apple by 5% to $50.14 and calendar 2013 EPS by 10% to $60.72.
The new price target comes after the firm raised global smarthphone sales estimates. Their 2012 global smartphone market forecast rises 9% to 688 million and 2013 rises 15% to 885 million. They see strength in both the high and low-end.
The longer-term addressable market for smartphones is 2.35 billion, they said. This suggests just 33% penetration currently.
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 $626.20 yesterday, with a 52 week range of $310.50-$644.00.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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