Needham & Company maintains a 'Buy' on Apple (AAPL); Only Matter of Time Before iPad Shipments Exceed iPhone

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Needham & Company maintains a 'Buy' on Apple (NASDAQ: AAPL) price target of $620.00.

Analyst, Charlie Wolf, said, "We’ve raised our June iPad shipment forecast from 13.5 million units to 20.0 million units. The increase reflects a hastily formulated initial estimate in April, along with evidence that iPad shipments continue to grow, especially in the education and business markets...We’re raising our June quarter estimate of Apple’s earnings from $9.10 to $10.38 and our fiscal 2012 estimate from $44.25 to $46.45."

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 $604.43 yesterday, with a 52 week range of $348.62-$644.00.

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