Credit Suisse Goes To $750 on Apple (AAPL), Global Smarthphone Market at Just the Tip of the Iceberg
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Price: $166.90 --0%
Rating Summary:
39 Buy, 25 Hold, 7 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 8 | New: 14
Rating Summary:
39 Buy, 25 Hold, 7 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 8 | New: 14
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Credit Suisse raised its price target on Outperform-rated Apple (NASDAQ: AAPL) from $700 to $750 on Thursday.
The new price target bring the average consensus price target on Apple to $685.47, according to Ratings Insider, suggesting another 9.5% upside.
The firm also raised calendar year 2012 EPS on Apple by 5% to $50.14 and calendar 2013 EPS by 10% to $60.72.
The new price target comes after the firm raised global smarthphone sales estimates. Their 2012 global smartphone market forecast rises 9% to 688 million and 2013 rises 15% to 885 million. They see strength in both the high and low-end.
The longer-term addressable market for smartphones is 2.35 billion, they said. This suggests just 33% penetration currently.
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 $626.20 yesterday.
The new price target bring the average consensus price target on Apple to $685.47, according to Ratings Insider, suggesting another 9.5% upside.
The firm also raised calendar year 2012 EPS on Apple by 5% to $50.14 and calendar 2013 EPS by 10% to $60.72.
The new price target comes after the firm raised global smarthphone sales estimates. Their 2012 global smartphone market forecast rises 9% to 688 million and 2013 rises 15% to 885 million. They see strength in both the high and low-end.
The longer-term addressable market for smartphones is 2.35 billion, they said. This suggests just 33% penetration currently.
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 $626.20 yesterday.
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