Goldman Sachs Lifts Estimates and Price Target on Apple (AAPL), Keeps Top Rating

Goldman Sachs raised its price target on Conviction Buy List-rated Apple (NASDAQ: AAPL) from $485 to $525 following blow-out results after the close.

The firm states, "While the upcoming iPhone refresh justifies some of this tempered outlook, we believe it is still likely that channel fill from the new iPhone will counter some of the iPhone 4 drawdown. In addition, easing constraints and seasonally improving consumer demand could drive far higher iPad shipments than investors were previously anticipating."

The firm lowered Q4 EPS from $6.88 to $6.49, but upped FY12 from $30.67 to $33.08. FY13 was raised from $33.62 to $36.26.

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

Shares of Apple closed at $376.85 yesterday.

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