Canaccord Genuity Reiterates a 'Buy' on Apple (AAPL); Another Remarkable Qtr; Raising PT to $650

Canaccord Genuity reiterates a 'Buy' on Apple (NASDAQ: AAPL) price target raised from $560 to $650.

Analyst, T. Michael Walkley, said, "Very strong and best-ever iPhone, iPad, and Mac sales contributed to record Apple results. Apple’s FQ2 guidance for pro forma EPS of $8.50 was also ahead of our $7.97 and consensus $8.02 estimate. We believe Apple is well positioned for very strong C2012/13 sales and earnings growth driven by new product introductions, including the pending refresh of MacBook Air, the iPad 3 launching this spring, an LTE iPhone likely in CQ3/12 and potentially Apple TV exiting C2012."

"We are raising our F2012 pro forma EPS estimate from $34.16 to $41.06 and our F2013 estimate from $40.02 to $46.50."

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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