Canaccord Genuity Reiterates a 'Buy' on Apple (AAPL); Checks Show Record iPhone Launch; Raising Estimates & PT

Canaccord Genuity reiterates a 'Buy' on Apple (NASDAQ: AAPL) price target raised from $545 to $560.

Canaccord analyst, T. Michael Walkley, said, "Our monthly channel checks indicated very strong sales trends for the new iPhone 4S and lower priced legacy iPhone 4 and 3GS models. We are increasing our December quarter iPhone estimates from 27M to 29M units...Due to our increased iPhone estimates, we are raising our F2012 pro forma EPS estimate from $33.10 to $33.52 and our F2013 estimate from $39.01 to $39.96."

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

Shares of Apple closed at $403.07 yesterday.

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