Jefferies Boosts Price Target on Apple (AAPL) to $550 Ahead of Q1 Results

Jefferies raised its price target on Buy-rated Apple (NASDAQ: AAPL) from $500 to $550 ahead of Q1 results due on January 24.

Analyst Peter Misek said they believe calendar Q4 iPhone builds settled in at ~37M, which means shipments of ~35M are possible. The firm raised their calendar Q4 iPhone estimate from 31M to 33M. They believe calendar Q1 iPhone builds are ~30M and raised their estimates from 25M to 28.5M.

Misek believes calendar Q4 iPad builds finished at 12M with sell-through over 13.5M. They see the iPad 3 coming in March.

They see a strong CY12 product cycle, with iPhone 5, iPad 3 and iTV all coming. For the iTV, they said it is on track for availability in the third quarter.

Jefferies raised FY12 EPS to $38.89, versus the consensus of $35.18.

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 $419.81 yesterday.

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