Apple (AAPL) Estimates, PT Lifted at Canaccord Genuity Post Q2

Canaccord Genuity analyst Michael Walkley reiterated a Buy rating and boosted his price target on Apple (NASDAQ: AAPL) from $600 to $610 following strong Q2 results.

Walkley said “With stronger iPhone sales than anticipated due to share gains in China and other emerging markets combined with continued strong iOS, Mac, and iTunes ecosystem growth, we believe Apple has a strong base with greater channel reach for anticipated H2/C'14 product launches including the iPhone 6.”

He added “While our survey work indicates iPhone will likely lose share over the next several months to refreshed Android products, we believe Apple will win back meaningful high-end market share during H2/C'14 based on our belief new iPhones with larger screen sizes will create a stronger than normal upgrade cycle among Apple's loyal and growing customer base.”

The analyst increased his 2014 and 2015 Annual EPS estimates to $44.11 and $50.81, respectively. He increased his 2014 and 2015 Annual Revenue estimate to $181.3B and $199.0B, 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 $524.75 yesterday.

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