Deutsche Bank Boosts Price Target on Apple (AAPL) to $600

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AAPL Hot Sheet

Rating Summary:
49 Buy, 5 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
Up: 16 | Down: 9 | New: 35

Deutsche Bank raised estimates its price target Buy-rated Apple (NASDAQ: AAPL) to $600 following strong results after the close.

The firm notes upside was driven by by iPhone, which posted 37M versus their estimates of 28M, iPad which was 15M versus their view of 14M and Macs at 5.2M versus 5M.

Deutsche Bank views Apple's guidance as conservative in light of product momentum expanding distribution and believe upcoming product refreshes will drive further growth into 2013.

Commenting on the new product portfolio, the firm notes: " Specifically, we expect iPad 3 in C1Q12 followed by an iPhone 5 refresh in the Fall. In addition, we expect Macs with Ivy Bridge should support incremental share gains and Apple TV appears set to graduate from an “Apple hobby” later this year. We anticipate an iOS device with Siri user interface and iCloud synching has the potential to redefine the smart TV category in the same way iPhone and iPad impacted the smartphone and tablet markets, respectively. Meanwhile, we expect iPad 3 to enter the tablet market as most competitors are refocusing their efforts on Windows 8 tablets.

They raise estimates to CY12 revenue/EPS of $163.8B/$45.00, versus $152.7B/$38.00 and introduce CY13 estimates of $196.0B/$53.50.

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 $420.41 yesterday, with a 52 week range of $310.50-$431.37.

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