Canaccord Genuity Reiterates a 'Buy' on Apple (AAPL); Raising PT & Estimates After Positive WWDC

Canaccord Genuity reiterates a 'Buy' on Apple (NASDAQ: AAPL), raising PT from $480 to $485.

Canaccord analyst, T. Michael Walkley, said, "We attended Steve Jobs’ keynote at Apple’s WWDC in San Francisco yesterday and were impressed with the new product announcements, including MacOS Lion, iOS 5, and iCloud. With our checks indicating strong sales of both iPhone and iPad globally and the ramping iOS
ecosystem driving longer-term replacement sales, we believe Apple will maintain dominant value share of both the tablet and smartphone markets, driving healthy long-term earnings growth."

"The 25M iPads sold to date lead us to increase our June quarter iPad estimate to 7.9M units, resulting in us raising our 2011 pro forma EPS estimate from $23.51 to $24.31 and our 2012 estimate from $26.69 to $26.97."

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

Shares of Apple closed at $338.04 yesterday.

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