Ticonderoga Maintains a 'Buy' on Apple (AAPL); Hot Hand to Provide Stock With Fuel for Next Leg Up; Raising PT
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Price: $306.20 +0.09%
Rating Summary:
45 Buy, 28 Hold, 9 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 18 | New: 20
Rating Summary:
45 Buy, 28 Hold, 9 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 18 | New: 20
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Ticonderoga maintains a 'Buy' on Apple (NASDAQ: AAPL), PT increased to $612.
Ticonderoga analyst says, "Last night, Apple reported 2QFY11 sales of $24.67 billion, well above our estimate of $22.75 billion on the back of continued momentum across its portfolio, with big upside from the iPhone, while pro forma EPS of $6.40 surged past our $5.13 projection (Street was at $5.37.) With the stock now trading at 10x our CY11 EPS estimate (ex-cash), we believe there is plenty of upside left in the stock price as we look forward to continued momentum from the iPad 2, a new iPhone 5 in September, growing adoption of Mac products and a bigger push in the TV market as the year progresses. Given our increased estimates and expectations for continued portfolio momentum, we believe the stock is poised for the next leg higher and can reach $612 over the next year."
"We are raising our 3QFY11 revenue projection to $25.11 billion from $24.41 billion and increasing our pro forma EPS estimate to $5.63 from $5.43. For fiscal 2011, we are increasing our revenue estimate to $106 billion from $102 billion, while raising our pro forma EPS estimate to $25.22 from $23.36."
For more ratings news on Apple click here and for the rating history of Apple click here.
Shares of Apple closed at $342.41 yesterday.
Ticonderoga analyst says, "Last night, Apple reported 2QFY11 sales of $24.67 billion, well above our estimate of $22.75 billion on the back of continued momentum across its portfolio, with big upside from the iPhone, while pro forma EPS of $6.40 surged past our $5.13 projection (Street was at $5.37.) With the stock now trading at 10x our CY11 EPS estimate (ex-cash), we believe there is plenty of upside left in the stock price as we look forward to continued momentum from the iPad 2, a new iPhone 5 in September, growing adoption of Mac products and a bigger push in the TV market as the year progresses. Given our increased estimates and expectations for continued portfolio momentum, we believe the stock is poised for the next leg higher and can reach $612 over the next year."
"We are raising our 3QFY11 revenue projection to $25.11 billion from $24.41 billion and increasing our pro forma EPS estimate to $5.63 from $5.43. For fiscal 2011, we are increasing our revenue estimate to $106 billion from $102 billion, while raising our pro forma EPS estimate to $25.22 from $23.36."
For more ratings news on Apple click here and for the rating history of Apple click here.
Shares of Apple closed at $342.41 yesterday.
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