Canaccord Genuity Reiterates a 'Buy' on Apple (AAPL); Launches iPhone 4S

Canaccord Genuity reiterates a 'Buy' on Apple (NASDAQ: AAPL) price target of $545.00.

Canaccord analyst, T. Michael Walkley, said, "Apple made several important product announcements yesterday, including the upcoming launch of the new iPhone 4S (available Oct. 14 at U.S. carriers including Sprint (NYSE: S)), reduced pricing for legacy iPhone 4 and iPhone 3GS models, launch dates for iOS 5 and iCloud (Oct. 12), and price reductions for iPod Nano and Touch. With these enhancements to Apple’s high-end portfolio, we believe the company will maintain dominant value share of the tablet and smartphone markets."

"As 250M cumulative iOS device sales implies September quarter iOS device sales above our previous estimates, we have increased our Q4/F2011 EPS estimate from $6.67 to $7.15 but left F2012 estimates essentially unchanged."

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

Shares of Apple closed at $372.50 yesterday.

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