Needham & Company Maintains a 'Buy' on Apple (AAPL); Raising PT to $620 on Upward Sales Revisions

Needham & Company maintains a 'Buy' on Apple (NASDAQ: AAPL) price target raised from $540 to $620.

Analyst , Charlie Wolf, said, "Since our previous valuation exercise in August 2011, Apple’s sales have continued to grow at an unprecedented rate for a company so large. The increase in our price target to $620 stems chiefly from an upward revision in the values of the iPad and Mac...We continue with 2012 and 2013 estimates of $41.25 and $53.00 respectively and a buy rating on the stock."

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 $476.68 yesterday.

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