Auriga Reiterates a 'Buy' on Apple (AAPL); International Attraction of the iPhone
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Price: $305.93 +0.22%
Rating Summary:
45 Buy, 28 Hold, 9 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 4 | New: 8
Rating Summary:
45 Buy, 28 Hold, 9 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 4 | New: 8
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Auriga reiterates a 'Buy' on Apple (NASDAQ: AAPL) price target of $700.00.
Analyst, Kevin Dede, said, "Although both Verizon (NYSE: VZ) and AT&T (NYSE: T) saw significant quarterly declines in iPhone sales in the March (2Q12) quarter, Apple's March report last night clearly signaled that international markets and distribution timing deserve greater consideration. Overall sales of $39.2B were up 59% Y-Y and drove EPS of $12.30 producing Apple's largest March sales and earnings quarter ever. Our estimates were $36.7B and $10.00, about in line with consensus expectations. We are raising our FY12 estimates modestly to account for the performance in March, but leaving our FY13 estimates static; however, there is just a slight adjustment to our CY13 estimates. As such our price target valuation metric is consistent at a mere 13x P/E, or 11x less cash, on our $47.84 CY13 estimate for our unchanged $700 price target..."
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 $560.28 yesterday.
Analyst, Kevin Dede, said, "Although both Verizon (NYSE: VZ) and AT&T (NYSE: T) saw significant quarterly declines in iPhone sales in the March (2Q12) quarter, Apple's March report last night clearly signaled that international markets and distribution timing deserve greater consideration. Overall sales of $39.2B were up 59% Y-Y and drove EPS of $12.30 producing Apple's largest March sales and earnings quarter ever. Our estimates were $36.7B and $10.00, about in line with consensus expectations. We are raising our FY12 estimates modestly to account for the performance in March, but leaving our FY13 estimates static; however, there is just a slight adjustment to our CY13 estimates. As such our price target valuation metric is consistent at a mere 13x P/E, or 11x less cash, on our $47.84 CY13 estimate for our unchanged $700 price target..."
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 $560.28 yesterday.
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