Sterne Agee Boosts Estimates, Price Target on Apple (AAPL) to $740
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Rating Summary:
52 Buy, 12 Hold, 1 Sell
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Today's Overall Ratings:
Up: 8 | Down: 12 | New: 30
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 12 | New: 30
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Sterne Agee's Shaw Wu raised his price target on Apple (NASDAQ: AAPL) from $620 to $740 after the company announced the sale of 3 million new iPads since Friday. Wu also said "our industry and supply chain checks indicate stronger than expected uptake in iPhone with China Telecom added as a carrier and 21 countries added for the 4S."
The analyst also raised estimates. They are now forecasting 60 million iPad shipments for CY12 (from 55 million). For iPhone, they are looking for 28 million units for the March quarter (from 26 million) and 129.5 million for CY12 (from 126 million). For FY12, the new estimates are $160 billion in revenue and $43.80 in EPS (from $158 billion and $43.30) vs. consensus at $158 billion and $43.13 in EPS and for FY13, $184 billion and $50.00 in EPS (from $179 billion and $48.50 in EPS) vs. consensus at $184 billion and $48.36 in EPS.
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 $601.10 yesterday, with a 52 week range of $310.50-$601.77.
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The analyst also raised estimates. They are now forecasting 60 million iPad shipments for CY12 (from 55 million). For iPhone, they are looking for 28 million units for the March quarter (from 26 million) and 129.5 million for CY12 (from 126 million). For FY12, the new estimates are $160 billion in revenue and $43.80 in EPS (from $158 billion and $43.30) vs. consensus at $158 billion and $43.13 in EPS and for FY13, $184 billion and $50.00 in EPS (from $179 billion and $48.50 in EPS) vs. consensus at $184 billion and $48.36 in EPS.
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 $601.10 yesterday, with a 52 week range of $310.50-$601.77.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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