Deutsche Bank Sharply Raises Estimates, PT on Apple (AAPL)
Tweet Send to a Friend
Get Alerts AAPL Hot Sheet
Price: $444.22 +0.47%
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!
Deutsche Bank boosted its price target on Apple (NASDAQ: AAPL) from $775 to $850 with the iPhone 5 officially on sale.
"iPhone 5 will begin shipping today as early demand indicators are tracking very strongly. We believe iPhone 5 demand is extremely robust (simultaneous form factor and LTE upgrade) and with a fast geographic ramp our prior est's were too conservative. "
The firm raised iPhone estimates by 5M in CY12 and 10M in CY13 and raised CY13 EPS to $60 (vs. prior $56).
With a 4-week product lead-time, this suggest that 1/3 of the holiday quarter is already booked, the firm said.
"We estimate there are ~375M iOS users currently and ~245M active iPhone users globally (~3 year life). Of these, we estimate ~50M are over 2 years old and eligible for upgrade / new contract without early penalty. Further, gray market prices for iPhone 4S on eBay are ~$300 suggesting an affordable upgrade path for existing, in-contract customers. In the US alone, we believe there are ~75M active iPhone users of which 17M (or 22%) are upgrade eligible without penalty (i.e. contracts greater than 2 years)."
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 $698.70 yesterday, with a 52 week range of $354.24-$703.99.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
"iPhone 5 will begin shipping today as early demand indicators are tracking very strongly. We believe iPhone 5 demand is extremely robust (simultaneous form factor and LTE upgrade) and with a fast geographic ramp our prior est's were too conservative. "
The firm raised iPhone estimates by 5M in CY12 and 10M in CY13 and raised CY13 EPS to $60 (vs. prior $56).
With a 4-week product lead-time, this suggest that 1/3 of the holiday quarter is already booked, the firm said.
"We estimate there are ~375M iOS users currently and ~245M active iPhone users globally (~3 year life). Of these, we estimate ~50M are over 2 years old and eligible for upgrade / new contract without early penalty. Further, gray market prices for iPhone 4S on eBay are ~$300 suggesting an affordable upgrade path for existing, in-contract customers. In the US alone, we believe there are ~75M active iPhone users of which 17M (or 22%) are upgrade eligible without penalty (i.e. contracts greater than 2 years)."
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 $698.70 yesterday, with a 52 week range of $354.24-$703.99.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Jefferies Bumps Zumiez (ZUMZ) Numbers Up, But Remains on Sidelines
- UPDATE: MKM Partners Downgrades Alkermes (ALKS) to Sell
- Needham & Company Boosts Numbers on Infoblox (BLOX) on Strong Q3
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS Change, Analyst PT ChangeRelated Entities
Deutsche Bank
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
