Goldman Sachs Sees Plenty Of Upside Left in Apple (AAPL), Ups Target to $600
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Price: $445.15 +0.68%
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
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Goldman Sachs raised its price target on Apple (NASDAQ: AAPL) from $550 to $600 following blow-out results after the close. The firm reiterated their Conviction Buy List rating.
The firm raised FY2012 estimates and now forecast revenues of $148.26 billion and EPS of $40.36, up from $138.34 billion and $35.13. For FY13, the firm now sees revenues of $166.09 billion and EPS of $44.55, up from $160.55 billion and $40.03. For FY14, they firm sees $186.24 billion in revenue and EPS of $49.10, up from $180.83 billion and $43.50.
Despite the huge quarter, Goldman said the year is "chock full of catalysts to drive further share price momentum."
They expect a late March quarter iPad refresh and a lower price point for the iPad 2, as well as a mid-year iPhone refresh. They also expect continued gains for MacBook Air and see an iOS-based television in late 2012 or early 2013. Also, a dividend announcement this year could represent a critical catalyst they said.
For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.
Shares of Apple closed at $420.41 yesterday, with a 52 week range of $310.50-$431.37.
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The firm raised FY2012 estimates and now forecast revenues of $148.26 billion and EPS of $40.36, up from $138.34 billion and $35.13. For FY13, the firm now sees revenues of $166.09 billion and EPS of $44.55, up from $160.55 billion and $40.03. For FY14, they firm sees $186.24 billion in revenue and EPS of $49.10, up from $180.83 billion and $43.50.
Despite the huge quarter, Goldman said the year is "chock full of catalysts to drive further share price momentum."
They expect a late March quarter iPad refresh and a lower price point for the iPad 2, as well as a mid-year iPhone refresh. They also expect continued gains for MacBook Air and see an iOS-based television in late 2012 or early 2013. Also, a dividend announcement this year could represent a critical catalyst they said.
For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.
Shares of Apple closed at $420.41 yesterday, with a 52 week range of $310.50-$431.37.
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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