Jefferies Boosts Apple (AAPL) Price Target to $800 on Increased Confidence in iTV, or "iPanel"

Jefferies' analyst Peter Misek boosted his price target on Buy-rated Apple (NASDAQ: AAPL) from $699 to $800 after adding iTV number into his estimates.

"Due to increased confidence in the iTV launch, we are adding 2M iTVs to CQ4 and 10M to CY13 and including a halo effect of one iPad or iPhone per iTV. Our new FY13 EPS estimate of $53.98 (prior $49.20) is above the St's $49.38."

Misek has confidence in the still unannounced iTV following news last week that Hon Hai announced a $800M investment in Sharp, and Hon Hai Chairman Terry Gou is spending $800M to buy half of Sharp's large-panel TV plant in Sakai. "We believe the Hon Hai/Sharp deal is due to Sharp's increasing importance to Apple and iTV." He also cites recent checks in Asia indicate that specialty components have begun to ship to Apple's Asia panel suppliers and checks that indicate that Apple is doubling the size of its already massive North Carolina data center.

Misek believes the iTV could be called "iPanel" and is assuming a $1,250 ASP, with 30% gross margins.

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 $624.31 yesterday.

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