Needham & Company Maintains a 'Buy' on Apple (AAPL); You’ve Got To Hear It To Believe it

Needham & Company maintains a 'Buy' on Apple (NASDAQ: AAPL) price target of $540.00.

Needham analyst says, "Apple introduced the iPhone 4S at an event on the Apple campus. While the 4S is a worthy successor to iPhone 4, it adds a break-through feature called Siri. Siri not only understands conversational English, but can also understand the context of any command or question. We continue with a buy rating, a $540 price target and our fiscal 2011 and 2012 estimates of $28 and $33 respectively...With the addition of Sprint (NYSE: S) in the U.S., possibly new international carriers and Verizon subscribers who postponed purchases of the iPhone until this launch, iPhone 4S should easily match our estimate of 27.5 million shipments in the December quarter."

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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