Goldman Sachs Boosts Price Target on Apple (AAPL) By $40, Reiterates Top Rating

Goldman Sachs raised its price target on Apple (NASDAQ: AAPL) from $480 to $520 and reiterated its Conviction Buy List rating, saying the company's strong secular tailwinds outweighing macro concerns.

"We believe recent macroeconomic uncertainty has had surprisingly little impact on Apple's revenue and profit momentum. Indeed, we believe iPads, Macs, and iPhones could sharply exceed our prior expectations," the analyst said.

The firm raised September quarter revenues and EPS estimates to $28.71 billion and $7.30 versus $27.37 and $6.49 previously.

For CY11, the firm raised revenues and EPS of $118.48 billion and $30.53, up
from $115.74 billion and $29.34. For CY2012, the firm is now forecasting revenues and EPS of $138.62 billion and $34.62 versus $131.07 billion and $32.56 previously.

"Apple's momentum appears even more resistant to macroeconomic pressures than we previously realized, and we believe the stock has significant upside from current levels – even after recent outperformance."

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

Shares of Apple closed at $413.45 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• KeyBanc Reiterates Underweight Rating on Apple (AAPL)
• Apple In Coming Months To Launch Suite Of AI Tools In China-sources - Reuters
• BofA Securities Resumes American Eagle Outfitters (AEO) at Underperform