Wells Fargo Reiterates an 'Outperform' on Apple (AAPL); Clues On A Due Date, But Could It Be Twins?
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Price: $442.93 +2.23%
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 6
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 6
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Wells Fargo reiterates an 'Outperform' on Apple (NASDAQ: AAPL) price target range $640-$660.
Analyst, Maynard Um, said, "Cirrus Logic (Nadaq: CRUS) is anticipating a solid ramp and guided September quarter revenues to increase roughly 70% sequentially and expects a further ramp into the December quarter. Given the sequential growth is much higher relative to the ramp into the iPhone 4S last year, we believe it could suggest that Apple will introduce more than one product in the fall timeframe. We currently anticipate an iPhone 5 in October though note that a September launch would likely result in upside to our September quarter estimates. If Apple were to introduce an iPad mini, assuming $300 ASP and 25% gross margin, every one million iPad Minis would equate to $300MM in revenue and $0.04 in EPS, all else equal."
Wells Fargo sees iPhone sales for Sept qtr at 22.5 million and 42 million for the Dec qtr. For iPads, 18.5 million and 19.2 million, respectively.
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 $595.03 yesterday, with a 52 week range of $353.02-$644.00.
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Analyst, Maynard Um, said, "Cirrus Logic (Nadaq: CRUS) is anticipating a solid ramp and guided September quarter revenues to increase roughly 70% sequentially and expects a further ramp into the December quarter. Given the sequential growth is much higher relative to the ramp into the iPhone 4S last year, we believe it could suggest that Apple will introduce more than one product in the fall timeframe. We currently anticipate an iPhone 5 in October though note that a September launch would likely result in upside to our September quarter estimates. If Apple were to introduce an iPad mini, assuming $300 ASP and 25% gross margin, every one million iPad Minis would equate to $300MM in revenue and $0.04 in EPS, all else equal."
Wells Fargo sees iPhone sales for Sept qtr at 22.5 million and 42 million for the Dec qtr. For iPads, 18.5 million and 19.2 million, respectively.
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 $595.03 yesterday, with a 52 week range of $353.02-$644.00.
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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