Canaccord Genuity Reiterates a 'Buy' on Apple (AAPL); iPhone Transition Causes Sept Quarter Miss; Expect Record Holiday

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

Canaccord analyst, T. Michael Walkley, said, "Apple reported weaker than expected September quarter results, as iPhone sales were below our and consensus estimates. We believe iPhone sales slowed ahead of the iPhone 4S product launch, as our checks indicate strong global demand. Despite this transitional quarter, we continue to anticipate strong earnings growth for Apple with record holiday sales during the December quarter."

"Guidance for sales of $37B and EPS of $9.30 for Q1/F2012 was above our $36.6B/$9.02 estimates. We believe this guidance is consistent with strong initial iPhone 4S sales and our expectations for strong iPhone 4S and iPad 2 sales during the holiday season. As such, we are raising our F2012 pro forma EPS estimate from $32.24 to $33.10 and introducing our F2013 estimate of $39.01."

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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