Canaccord Upgrades Apple (AAPL) to Buy with $200 Price Target
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Price: $431.77 -0.05%
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 12 | New: 30
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 12 | New: 30
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An analyst at Canaccord Adams lifted his investment rating on shares of Apple (Nasdaq: AAPL) from Hold to Buy and also boosted the firm's price target from $150 to $200.
The firm cites Apple's solid Q3 results, "driven by strong iPhone revenues and solid results from the Mac segments."
The Canaccord analyst believes that Apple is now targeting to enter the low-end camcorder market given that the company has added this functionality into its iPod lineup. The analyst raised his FY10 iPod shipments estimate from 50 million to 65 million units, effectively pushing its FY10 sales estimate on Apple to $42.6 billion. The Street is currently looking for FY10 sales of $41.59 billion. Also, the firm's FY10 non-GAAP EPS estimate moves from $8.20 to $9.10, which compares to the Street estimate of $6.43.
Canaccord's $200 price target is based on 20x the firm's adj-CY10 EPS estimate of about $10.
Shares of Apple are currently trading up about 3.75% to $157.19, representing potential upside of about 27% from Canaccord's raised price target.
The firm cites Apple's solid Q3 results, "driven by strong iPhone revenues and solid results from the Mac segments."
The Canaccord analyst believes that Apple is now targeting to enter the low-end camcorder market given that the company has added this functionality into its iPod lineup. The analyst raised his FY10 iPod shipments estimate from 50 million to 65 million units, effectively pushing its FY10 sales estimate on Apple to $42.6 billion. The Street is currently looking for FY10 sales of $41.59 billion. Also, the firm's FY10 non-GAAP EPS estimate moves from $8.20 to $9.10, which compares to the Street estimate of $6.43.
Canaccord's $200 price target is based on 20x the firm's adj-CY10 EPS estimate of about $10.
Shares of Apple are currently trading up about 3.75% to $157.19, representing potential upside of about 27% from Canaccord's raised price target.
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