BTIG Raises Number On Apple (AAPL) Following Blowout Results
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Rating Summary:
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Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
Rating Summary:
39 Buy, 25 Hold, 7 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
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BTIG raised its price target on Buy-rated Apple (NASDAQ: AAPL) to $600 following blowout Q1 results.
BTIG said the most competitive most impressive element of the quarter was the 37 million iPhones sold during the quarter which topped the street high estimate of 35 million and produced an ASP that actually grew from the prior year, a clear indication of the popularity of the higher priced iPhone 4S.
"We believe Apple is gaining additional momentum on Android which suffers with a fragmented product portfolio and uneven customer experience and RIM’s lack of interesting product. As an example, we estimate that Verizon’s non-iPhone smartphone base actually declined in Q4 while the iPhone base grew by more than 4 million."
The firm is maintaining their estimate of 25 million iPhones sold in the current quarter but have increased our ASP estimate given the strength in mix of iPhone 4S sales.
The firm increased Fiscal 2012 EPS estimate to $39.69 from $34.50 and Fiscal 2013 EPS estimate to $41.50 from $40.00.
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 $420.41 yesterday.
BTIG said the most competitive most impressive element of the quarter was the 37 million iPhones sold during the quarter which topped the street high estimate of 35 million and produced an ASP that actually grew from the prior year, a clear indication of the popularity of the higher priced iPhone 4S.
"We believe Apple is gaining additional momentum on Android which suffers with a fragmented product portfolio and uneven customer experience and RIM’s lack of interesting product. As an example, we estimate that Verizon’s non-iPhone smartphone base actually declined in Q4 while the iPhone base grew by more than 4 million."
The firm is maintaining their estimate of 25 million iPhones sold in the current quarter but have increased our ASP estimate given the strength in mix of iPhone 4S sales.
The firm increased Fiscal 2012 EPS estimate to $39.69 from $34.50 and Fiscal 2013 EPS estimate to $41.50 from $40.00.
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 $420.41 yesterday.
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