Canaccord Genuity Reiterates a 'Buy' on Apple (AAPL); Checks Indicate Record iPhone December Quarter Sales

Canaccord Genuity reiterates a 'Buy' on Apple (NASDAQ: AAPL) price target of $560.00.

Canaccord analyst, T. Michael Walkley, said, "Our December checks indicated iPhones held dominant sell through share at the largest three U.S. carriers. With our expectation for record iPhone sales in the December quarter and new product launches in 2012 including iPad 3, iPhone 5 and Apple TV, we anticipate continued strong earnings growth for Apple."

"Given increasing global distribution for iPhone 4S and price elastic demand driving increased sales volume of discounted legacy iPhone models in unsubsidized markets, we believe our Q1/F2012 iPhone unit estimate of 30.5M units could prove conservative."

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $418.03 yesterday.

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