Hapoalim Securities Starts Apple (AAPL) at Buy, $295 Target
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Hapoalim Securities initiates coverage on Apple (Nasdaq: AAPL) with a Buy rating saying despite significant hype, the Street is underestimating the smartphone opportunity in general, and the opportunity for Apple in particular. The firm has a $295 current fair value estimates on Apple.
The firm said, "We believe the Street is underestimating the growth potential in smartphones, where Apple is uniquely positioned to gain share, thus the iPhone is likely to be a source of upside surprise for Apple over the next year. The earnings impact from a tablet device also seems understated, as is Apple's ability to expand margins and free cash flow in the near term. We believe Street estimates will continue to move up, and Apple stock still looks undervalued given our near term outlook. Longer term, Apple appears to be at the center of the convergence of computing and communication devices, which means the good times for Apple might last for a very long time."
The firm expect Apple to gain share, thus could do in excess of 60Mn units, $20Bn in GAAP revenue and over $6.00 in GAAP EPS from the phone alone in F11.
The firm also said the Tablet could add $0.80-$0.90 in EPS in F11.
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