Goldman Sachs Lifts Estimates and Price Target on Apple (AAPL) 4 Days Ahead of Results
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Rating Summary:
52 Buy, 12 Hold, 1 Sell
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Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 22
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Goldman Sachs raised estimates and its price target on Apple (NASDAQ: AAPL) from $470 to $485 ahead of results coming July 19. The firm maintained their Conviction Buy List rating.
The price target goes from $470 to $485. The firm raised their June qtr revenues and EPS estimates to $24.36 billion and $5.77, up from $24.2 billion and $5.37 and the consensus of $5.73 and $24.75 billion.
For 2011, the firm expects revenues of $113.92 billion and EPS of $27.54, up from $112 billion and $26.57.
Goldman states, "We expect a solid quarter from Apple and we are raising our revenue and EPS estimates largely due to a favorable component price environment. Beyond the June quarter, we believe the upcoming iPhone refresh as well as improving iPad supply are both conspiring to produce a hyper-seasonal back half of the year."
For more ratings news on Apple click here and for the rating history of Apple click here.
Shares of Apple closed at $357.77 yesterday, with a 52 week range of $235.56-$364.90.
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The price target goes from $470 to $485. The firm raised their June qtr revenues and EPS estimates to $24.36 billion and $5.77, up from $24.2 billion and $5.37 and the consensus of $5.73 and $24.75 billion.
For 2011, the firm expects revenues of $113.92 billion and EPS of $27.54, up from $112 billion and $26.57.
Goldman states, "We expect a solid quarter from Apple and we are raising our revenue and EPS estimates largely due to a favorable component price environment. Beyond the June quarter, we believe the upcoming iPhone refresh as well as improving iPad supply are both conspiring to produce a hyper-seasonal back half of the year."
For more ratings news on Apple click here and for the rating history of Apple click here.
Shares of Apple closed at $357.77 yesterday, with a 52 week range of $235.56-$364.90.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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