Piper Jaffray Raises Target on Apple (AAPL) to $390; Sees iPad Outselling Mac by 2011
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Up: 13 | Down: 28 | New: 14
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
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Analysts at Piper Jaffray, lead by Gene Munster, have boosted their price target on shares of Apple (Nasdaq: AAPL) to a near Street-high this morning. The firm now sees Apple shares rising to $390 over the next year, up from the firm's previous price target of $371. Notably, JPMorgan currently holds the Wall Street high on Apple with a $400 price target.
The increased earnings estimates and price target at Piper Jaffray are the result of the firm's new, raised 2011 estimate for iPad sales. Piper now sees the iPad outselling the Mac by 2011, forecasting total units of 21 million, up sharply from a previous forecast of 14.5 million units.
Piper Jaffray attributed its raised iPad estimate to increased supply and a strong international rollout. The firm is currently modeling for Apple to sell 10.7 million iPad's during this year, implying a jaw-dropping 94% share of the global tablet market.
The firm now sees Apple reporting FY11 EPS of $17.75, up from $16.87 previously. The Street is currently looking for FY11 EPS of $17.69.
Just minutes after the open, Apple shares are backing away from a fresh 52-week high set yesterday at $287.98. With the stock down just 0.2% to $287.21 this morning, Piper Jaffray's new price target implies potential upside of about 36%.
Piper Jaffray maintains an Overweight rating on Apple shares.
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The increased earnings estimates and price target at Piper Jaffray are the result of the firm's new, raised 2011 estimate for iPad sales. Piper now sees the iPad outselling the Mac by 2011, forecasting total units of 21 million, up sharply from a previous forecast of 14.5 million units.
Piper Jaffray attributed its raised iPad estimate to increased supply and a strong international rollout. The firm is currently modeling for Apple to sell 10.7 million iPad's during this year, implying a jaw-dropping 94% share of the global tablet market.
The firm now sees Apple reporting FY11 EPS of $17.75, up from $16.87 previously. The Street is currently looking for FY11 EPS of $17.69.
Just minutes after the open, Apple shares are backing away from a fresh 52-week high set yesterday at $287.98. With the stock down just 0.2% to $287.21 this morning, Piper Jaffray's new price target implies potential upside of about 36%.
Piper Jaffray maintains an Overweight rating on Apple shares.
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Piper Jaffray, JPMorgan, Gene Munster
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