Canaccord Genuity Reiterates a 'Buy' on Apple (AAPL); iPhone Drives Strong Q1/FY11 Results

Canaccord Genuity reiterates a 'Buy' on Apple (NASDAQ: AAPL), PT increased to $480.

Canaccord analyst, Michael Walkley, says, "Apple posted strong March quarter results driven by strong iPhone sales. Further, Apple indicated limited impact from the Japan supply chain disruption. We anticipate solid longer-term earnings growth for F2011 and F2012, and Apple remains one of our top large cap picks for C2011...Due to the strong results, we are raising our F2011 pro forma EPS estimate from $22.74 to $23.51 and F2012 estimate from $26.64 to $26.69."

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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