BTIG Reiterates a 'Buy' on Apple (AAPL); Increasing Estimates and Price Target
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Price: $305.93 +0.22%
Rating Summary:
44 Buy, 29 Hold, 9 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
44 Buy, 29 Hold, 9 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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BTIG reiterates a 'Buy' on Apple (NASDAQ: AAPL) price target raised from $500 to $550.
BTIG analyst says, "Apple beat our revenue, gross margin and EPS estimate for Fiscal Q4 on strong MacBook Air sales but failed to match street estimates that were overly optimistic on iPhone sales estimates that did not adequately factor in an expected lag ahead of a new product launch. The company flagged this issue on their last quarterly call and it has been a historical pattern ahead of past product launches."
"Today we are increasing our calendar Q4 iPhone estimate to 27.5 million from 21.5 million. We stopped short of increasing our estimate to 30.0 million given the risk of the impact of iPhone 5 speculation on sales...We increased our EPS estimates by $4.00 in Fiscal 2012 to $33.50 and by $5.00 in Fiscal 2013 to $37.50."
For more ratings news on Apple click here and for the rating history of Apple click here.
Shares of Apple closed at $422.24 yesterday.
BTIG analyst says, "Apple beat our revenue, gross margin and EPS estimate for Fiscal Q4 on strong MacBook Air sales but failed to match street estimates that were overly optimistic on iPhone sales estimates that did not adequately factor in an expected lag ahead of a new product launch. The company flagged this issue on their last quarterly call and it has been a historical pattern ahead of past product launches."
"Today we are increasing our calendar Q4 iPhone estimate to 27.5 million from 21.5 million. We stopped short of increasing our estimate to 30.0 million given the risk of the impact of iPhone 5 speculation on sales...We increased our EPS estimates by $4.00 in Fiscal 2012 to $33.50 and by $5.00 in Fiscal 2013 to $37.50."
For more ratings news on Apple click here and for the rating history of Apple click here.
Shares of Apple closed at $422.24 yesterday.
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