Canaccord Genuity Reiterates a 'Buy' on Apple (AAPL); Raising Estimates & PT as Channel Checks Indicate iPhone Share Increasing
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Price: $444.30 +0.49%
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 15 | New: 13
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 15 | New: 13
Trade AAPL Now!
Canaccord Genuity reiterates a 'Buy' on Apple (NASDAQ: AAPL) price target raised from $650 to $665.
Analyst, T. Michael Walkley, said, "Our monthly channel checks indicated very strong sales trends for the iPhone 4S at all three U.S. carriers and overall strong iPhone sales in international markets. We are increasing our March quarter iPhone estimates from 30.1M to 32.6M units...Our January checks indicated iPhone 4S was the top-selling model at AT&T (NYSE: T), Sprint (NYSE: S), and Verizon (NYSE: VZ), and we anticipate strong March quarter iPhone sales in international markets including China. As a result, we are increasing our March quarter iPhone unit estimate from 30.1M to 32.6M units."
"Due to our increased iPhone estimates, we are raising our F2012 pro forma EPS estimate from $41.06 to $42.81 and our F2013 estimate from $46.50 to $47.47."
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 $476.68 yesterday, with a 52 week range of $310.50-$476.79.
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Analyst, T. Michael Walkley, said, "Our monthly channel checks indicated very strong sales trends for the iPhone 4S at all three U.S. carriers and overall strong iPhone sales in international markets. We are increasing our March quarter iPhone estimates from 30.1M to 32.6M units...Our January checks indicated iPhone 4S was the top-selling model at AT&T (NYSE: T), Sprint (NYSE: S), and Verizon (NYSE: VZ), and we anticipate strong March quarter iPhone sales in international markets including China. As a result, we are increasing our March quarter iPhone unit estimate from 30.1M to 32.6M units."
"Due to our increased iPhone estimates, we are raising our F2012 pro forma EPS estimate from $41.06 to $42.81 and our F2013 estimate from $46.50 to $47.47."
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 $476.68 yesterday, with a 52 week range of $310.50-$476.79.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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