Goldman Sachs Lifts Estimates and Price Target on Apple (AAPL) 4 Days Ahead of Results

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.

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