Ticonderoga Starts Apple (AAPL) at 'Buy' and Sets 'Street-High' Price Target of $430

October 4, 2010 8:44 AM EDT Send to a Friend
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Ticonderoga Securities initiates coverage on Apple (Nasdaq: AAPL) with a Buy rating and 'street high' price target of $430, saying hot products and new opportunities provide more room for Apple shares to run.

"We believe Apple is still in the early stages of capitalizing on the trend toward smartphones and the digital lifestyle, while positioning itself to take advantage of large market opportunities in the enterprise, advertising, "cloud computing" and social networking," analyst Brian White states.

White thinks Apple is as an attractive Buy at current levels, citing "market share gains in various product segments, a powerful near-term product cycle (e.g., iPhone 4, iPad), new future market opportunities, a cash-rich balance sheet, and an inexpensive valuation."

Apple's iPad could suprise everyone in 2011, White thinks. He estimates Apple will sell 7.1 million iPad units in FY10, 19.9 million, 19.9 million (up 181%) in FY11 and 25.8 million (up 30%) in FY12.


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