Needham & Company Maintains a 'Buy' on Apple (AAPL); Crushes the First Quarter

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

Needham analyst said, "There’s no other way to describe it. Apple reports an awesome first quarter. We’re raising our fiscal 2012 estimate from $38.70 to $41.25 and initiating a 2013 estimate of $53."

"The basis of our buy rating is that with relatively small market shares in the first two, Apple continues to have dramatic opportunities for growth in the PC, smartphone and emerging tablet markets."

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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