UPDATE: Canaccord Genuity Boosts Target on Apple (AAPL) to $710

(Updated - March 14, 2012 8:16 AM EDT)

Canaccord Genuity raised its price target on Buy-rated Apple (NASDAQ: AAPL) from $665 to $710. This comes in addition to Morgan Stanley lifting its price target today to $720.

"Since we attended the iPad launch last week, our checks have indicated record pre-orders with wait times for shipping iPad models now reaching 2-3 weeks," analyst Michael Walkley stated. "Given the new iPad’s leading hardware specs and iOS developer and application ecosystems versus all tablet competitors, we anticipate Apple will continue to dominate both market and value share of the growing tablet market in C2012-13. . . Apple remains a top pick."

"We believe Apple's pricing of the new iPad ($499 for WiFi-only, $629 for 4G base models) and iPad2(reduced to $399 for WiFi-only, $529 for 3G base models) will enable the company to maintain dominant tablet share, address more price elastic international markets, and further penetrate verticals such as enterprise and education."

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 $568.10 yesterday.

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