Wedbush Boosts Apple (AAPL) Price Target to "Street High" $750
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Price: $305.93 +0.22%
Rating Summary:
44 Buy, 29 Hold, 9 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
44 Buy, 29 Hold, 9 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Wedbush boosted its price target on Outperform-rated Apple (NASDAQ: AAPL) from $585 to $750, representing a new Street High/.
The firm comments, "We remain positive on Apple and are raising our estimates on a solid launch of The New iPad and expectations for a solid product launch schedule in 2012. With shares trading at 10x our new cash adjusted FY13E EPS and LT EPS growth expected to be 23%, shares remain reasonably valued."
Wedbush raised FQ2 iPad estimate to 12.7 million from 11.6 million units and our FY12 estimate to 56.9 million from 55.6 million units.
The firm expects an integrated Apple TV late summer. "Based upon our checks, we
expect an integrated Apple TV in FQ4," the analyst said. "We believe both hardware and software solutions are ramping up in anticipation. Of note, at a recent Mobile Voice Conference, participants were talking about the development of a new integrated user interface for Apple TV on the iPad. We expect Apple TV to come out at a premium price point with the key selling points being integration with the iCloud and likely new business model for the consumption of video content. We currently are not modeling a material contribution from Apple TV."
They expect the next iPhone to be largest upgrade cycle yet and include 4G this fall. "We note Verizon recently indicated it plans to sell only 4G smartphones. With speech being a big driver for the iPhone 4S, we can only imagine what 4G will do for the next iPhone. We are thus increasing our FY13 iPhone estimate to 164 million from 158 million units."
Wedbush expects this morning's conference call will be the introduction of a dividend.
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 $585.57 yesterday.
The firm comments, "We remain positive on Apple and are raising our estimates on a solid launch of The New iPad and expectations for a solid product launch schedule in 2012. With shares trading at 10x our new cash adjusted FY13E EPS and LT EPS growth expected to be 23%, shares remain reasonably valued."
Wedbush raised FQ2 iPad estimate to 12.7 million from 11.6 million units and our FY12 estimate to 56.9 million from 55.6 million units.
The firm expects an integrated Apple TV late summer. "Based upon our checks, we
expect an integrated Apple TV in FQ4," the analyst said. "We believe both hardware and software solutions are ramping up in anticipation. Of note, at a recent Mobile Voice Conference, participants were talking about the development of a new integrated user interface for Apple TV on the iPad. We expect Apple TV to come out at a premium price point with the key selling points being integration with the iCloud and likely new business model for the consumption of video content. We currently are not modeling a material contribution from Apple TV."
They expect the next iPhone to be largest upgrade cycle yet and include 4G this fall. "We note Verizon recently indicated it plans to sell only 4G smartphones. With speech being a big driver for the iPhone 4S, we can only imagine what 4G will do for the next iPhone. We are thus increasing our FY13 iPhone estimate to 164 million from 158 million units."
Wedbush expects this morning's conference call will be the introduction of a dividend.
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 $585.57 yesterday.
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