Goldman Sachs Positive on Apple (AAPL) iCloud, Sees iPad Targets As "Very Achievable"

Goldman Sachs reiterated their Conviction Buy List rating and $470 price target on Apple (NASDAQ: AAPL) following WWDC Monday.

Goldman noted that Apple disclosed that is has sold more than 25 million iPads to date, which leaves about 2.5 million iPads left to sell to reach their forecast of 8.1 million units for the June quarter. This is a number Goldman said is "very achievable."

Apple's iCloud offering is a major step forward for the iOS platform, Goldman's analyst said.

"Apple’s cloud introduction and iOS 5 refresh effectively eliminate the need for a PC or Mac hub for iOS devices. We believe this substantially enhances the value of the platform, increases barriers to entry for all iOS devices, and makes it easier for users to purchase and manage multiple iOS products. Most important, we believe that Apple’s cloud offerings require cutting-edge compute infrastructure and a tightly integrated platform, which few companies will be able to fully replicate."

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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