Needham & Company Maintains a 'Buy' on Apple (AAPL); Not Every Quarter Is A Blowout

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

Needham analyst says, "Apple reported below consensus fourth quarter earnings, reflecting a material slowdown in iPhone sales in front of the iPhone 4S launch at the beginning of October. However, the other metrics were spot on. We’re maintaining our buy rating, our price target of $540 and raising our fiscal 2012 estimate from $33 to $34.50."

"With the recent launch of iPhone 4S, record Mac sales and an upward trajectory of iPad sales, fiscal 2012 is shaping up as another record year. However, the macroeconomic climate could pose material risks to our forecast if the worldwide economy were to slip into a double-dip recession."

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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