Canaccord Genuity Boosts Price Target on Apple (AAPL) to $460

Canaccord Genuity lifted its price target on Apple (NASDAQ: AAPL) from $432 to $460, citing strong sell-through trends for the iPad and iPhone. The firm maintained their Buy rating.

Analyst T. Michael Walkley stated, "Our monthly channel checks indicated continued strong sales of the iPhone 4, as it remained by far the top-selling smartphone at AT&T. Further, our checks indicated continued strong sales of the iPad. Finally, our checks indicated Verizon is planning for strong demand for the CDMA iPhone4 launch scheduled for February 10 (this Thursday), and we anticipate strong sales post the launch. As such, we have increased our iPhone unit estimates from 72.9M to 74.8M units for C2011 and raised our pro-forma F2011 EPS estimate from $21.84 to $22.92 and our F2012 estimate from $24.00 to $25.60."

For more ratings news on Apple click here and for the rating history of Apple click here.

Shares of Apple closed at $351.88 yesterday.

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