Wedbush Adds Apple (AAPL) to Best Ideas List; Raises Target to $530

Wedbush reiterates an 'Outperform' on Apple (NASDAQ: AAPL) price target raised from $510 to $530.

Wedbush analyst says, "The Wedbush Investment Committee is adding Apple to the Best Ideas List...Raising estimates and PT as we expect continued upside to estimates for several years due to dominance in the robustly growing “connected devices” market. We find valuation attractive at 10x cash-adjusted FY12 EPS, given a conservative 5-year EPS CAGR of 24%. While we admit material risk with Steve Jobs’ health, we believe this is mostly priced in."

Other positive points include: 1) Increasing iPhone estimates on robust demand, new product launches, and global expansion; 2) Increasing iPad estimates on continued market dominance; and 3) iCloud should help drive other “connected devices” sales and strengthen Apple’s competitive barriers.

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

Shares of Apple closed at $411.63 yesterday.

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