Canaccord Genuity Bumps Estimates on Apple (AAPL) Higher After Checks Show "Very Strong" Sales

December 3, 2012 8:37 AM EST Send to a Friend
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Canaccord Genuity reiterated their Buy rating and $800 price target on Apple (NASDAQ: AAPL) Monday saying checks indicate strong iPhone 5 sales with improved supply.

"Our November channel checks indicated very strong sales of the iPhone 5 at AT&T, Verizon, and Sprint and also in international markets with dramatically improved supply," analyst T. Michael Walkley comments. "Given these checks combined with Apple's strong plans for an iPhone 5 ramp to 240 carriers in 100 countries by year end, including China on December 14, we have slightly increased our above-consensus December quarter iPhone estimates. Bolstered by the iPhone 5, we believe Apple's industry-leading software ecosystem and integrated hardware experience will lead to a strong multi-year product cycle."

The analyst raised December iPhone sales estimate from 45.0M to 47.5M units and slightly lowering our March quarter estimate from 47.5M to 46.0M

They raised Q1/F2013 pro forma EPS estimate from $13.46 to $14.04 and our F2013 estimate from $53.13 to $53.15.

The firm's $800 price target is based on shares trading at roughly 13x their F2014 estimate.

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 $585.28 yesterday.




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