UPDATE: Jefferies Boosts Price Target on Apple (AAPL) to $699 After Asia Trip
Tweet Send to a Friend
Get Alerts AAPL Hot Sheet
Price: $439.83 -0.7%
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 24 | New: 24
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 24 | New: 24
Trade AAPL Now!
(Updated - March 13, 2012 9:50 AM EDT)
Jefferies is the latest firm to boost its price target on market darling Apple (Nasdaq: AAPL).
Analyst Peter Misek took the leap today and raised his price target from $599 to $699 following their Asian trip. The firm also raised estimates: Q2 EPS goes from $9.51 to $10.72, FY12 EPS from $44.32 to $45.90 and FY13 from $46.45 to $49.20.
Although the new iPad has gotten all the press of late, Misek brings investors back to the golden goose - iPhones. He lifted his calendar 2012 iPhone estimates from 145 million units to 155 million units.
"We believe iPhone builds have been increased significantly with Hon Hai now estimating CY12 units at 150M and Pegatron estimating 25M-40M," he commented.
Misek continues to see an iPhone 5 launch in the third quarter of 2012, with initial iPhone 5 build expectations approaching 50 million. The firm's expectations for the new iPhone refresh includes a 4" to 4.3" screen, wider form factor, A6 processor, and refreshed design.
He also commented on the iTV, or Apple's still unannounced full-fledged TV set. Misek said evidence of commercial iTV production is starting. "We believe specialty components have begun to ship to Apple's Asia panel suppliers with polarized films, filters, and IGZO components starting to move in small quantities." He expects commercial production in May/ June with an initial 2 to 5 million builds likely and a launch in the fourth quarter.
On iPad 3 concerns, Misek said they are overblown. "Despite widespread concerns, we believe there will be enough screens for the new iPads. Also, while we thought the iPad 3 would have a quadcore CPU and dual-core GPU, its dual-core CPU and quad-core GPU chip contain the same number of overall cores. We believe that builds of 12M to 15M for iPads in CQ1 look reasonable, and our checks indicate that Apple is attempting to boost builds for CQ2 from 15M-18M to 18M-20M."
Misek reiterated his Conviction Buy on the stock.
For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.
Shares of Apple are up 0.9 percent to $557 early Tuesday.
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
Jefferies is the latest firm to boost its price target on market darling Apple (Nasdaq: AAPL).
Analyst Peter Misek took the leap today and raised his price target from $599 to $699 following their Asian trip. The firm also raised estimates: Q2 EPS goes from $9.51 to $10.72, FY12 EPS from $44.32 to $45.90 and FY13 from $46.45 to $49.20.
Although the new iPad has gotten all the press of late, Misek brings investors back to the golden goose - iPhones. He lifted his calendar 2012 iPhone estimates from 145 million units to 155 million units.
"We believe iPhone builds have been increased significantly with Hon Hai now estimating CY12 units at 150M and Pegatron estimating 25M-40M," he commented.
Misek continues to see an iPhone 5 launch in the third quarter of 2012, with initial iPhone 5 build expectations approaching 50 million. The firm's expectations for the new iPhone refresh includes a 4" to 4.3" screen, wider form factor, A6 processor, and refreshed design.
He also commented on the iTV, or Apple's still unannounced full-fledged TV set. Misek said evidence of commercial iTV production is starting. "We believe specialty components have begun to ship to Apple's Asia panel suppliers with polarized films, filters, and IGZO components starting to move in small quantities." He expects commercial production in May/ June with an initial 2 to 5 million builds likely and a launch in the fourth quarter.
On iPad 3 concerns, Misek said they are overblown. "Despite widespread concerns, we believe there will be enough screens for the new iPads. Also, while we thought the iPad 3 would have a quadcore CPU and dual-core GPU, its dual-core CPU and quad-core GPU chip contain the same number of overall cores. We believe that builds of 12M to 15M for iPads in CQ1 look reasonable, and our checks indicate that Apple is attempting to boost builds for CQ2 from 15M-18M to 18M-20M."
Misek reiterated his Conviction Buy on the stock.
For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.
Shares of Apple are up 0.9 percent to $557 early Tuesday.
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
You May Also Be Interested In
- Jefferies Raises Numbers on hhgregg (HGG), But Remains on Sidelines
- Goldman Sachs Upgrades Meritor (MTOR) to Buy
- Urban Outfitters (URBN) Added to Best Ideas List at Janney Capital on Solid Q1 Results
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS Change, Analyst PT Change, Hot CommentsRelated Entities
Jefferies & Co
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
