Goldman Sachs Lifts Price Target on Apple (AAPL) to $450
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Price: $446.04 +1.45%
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 28 | New: 13
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 28 | New: 13
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Goldman Sachs raised its price target on Apple (NASDAQ: AAPL) from $430 to $450 following better-than-expected results after the close. The firm reiterated their Conviction Buy list rating.
The firm said, "the strong December results should underscore the underlying strength in Apple's fundamentals, especially after the news regarding Steve Jobs' planned medical leave."
Goldman highlighted that margins are recovering at a faster than expected pace, iPad demand was far stronger than most expected, and strong iPhone units exceeded their conservative expectations.
The firm raised FY2011/2012 /2013 revenue and EPS estimates increase to $99.37/$119.79/ $131.63 billion and $23.07/$27.98/$30.56 respectively from $94.62/$116.73/$129.06 billion and $20.88/$27.09/$30.26 previously.
For more ratings news on Apple click here and for the rating history of Apple click here.
Shares of Apple closed at $340.65 yesterday, with a 52 week range of $190.25-$348.48.
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The firm said, "the strong December results should underscore the underlying strength in Apple's fundamentals, especially after the news regarding Steve Jobs' planned medical leave."
Goldman highlighted that margins are recovering at a faster than expected pace, iPad demand was far stronger than most expected, and strong iPhone units exceeded their conservative expectations.
The firm raised FY2011/2012 /2013 revenue and EPS estimates increase to $99.37/$119.79/ $131.63 billion and $23.07/$27.98/$30.56 respectively from $94.62/$116.73/$129.06 billion and $20.88/$27.09/$30.26 previously.
For more ratings news on Apple click here and for the rating history of Apple click here.
Shares of Apple closed at $340.65 yesterday, with a 52 week range of $190.25-$348.48.
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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