Goldman Sachs Raises Price Target on Apple (AAPL) to $470

Goldman Sachs adjusted estimates and raised its price target on Apple (NASDAQ: AAPL) following strong results after the close. The firm maintained their Conviction Buy List rating.

Goldman raised their 12-month price target to $470 from $450. FY2011/2012/2013 revenue and EPS estimates increase to $104.35/$127.41/$140.23 bn and $24.83/$30.30/$33.23 respectively from $101.42/$123.88/$136.21bn and $23.10/28.98/$31.71.

"iPad units came in below expectations, due to supply constraints that are now easing. Apple noted that it expected a significant ramp in iPad 2 production and distribution this quarter, and that the product currently had the “mother of all backlogs."

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

Shares of Apple closed at $342.41 yesterday.

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