Needham & Company Maintains a 'Buy' on Apple (AAPL); Raising our First Quarter and 2012 Estimates

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

Needham analsyt said, "We’re raising our first quarter and 2012 earnings per share estimates based chiefly on stronger than anticipated iPhone sales. We’ve raised our first quarter estimate from $9.55 to $10.85 and our fiscal 2012 estimate from $34.50 to $38.70."

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 $422.40 yesterday.

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