Canaccord Genuity Maintains a 'Buy' on Apple (AAPL); Checks Indicate Strong Trends Ahead of iPhone 5 Launch

Canaccord Genuity maintains a 'Buy' on Apple (NASDAQ: AAPL), raises PT from $485 to $500.

Canaccord analyst, T. Michael Walkley, said, "Our June channel checks indicated strong sellthrough trends for both the iPhone and iPad. Based on solid demand trends for iPhone/iPad, poor sell-through trends for competing tablet offerings, 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 to drive healthy long-term earnings growth...As a result, we are raising our 2011 pro forma EPS estimate from $24.31 to $24.62 and our 2012 estimate from $26.97 to $29.30."

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

Shares of Apple closed at $357.20 yesterday.

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