BMO Capital Lifts Numbers on Apple (AAPL), 'Asia Rising'
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Price: $305.93 +0.22%
Rating Summary:
44 Buy, 29 Hold, 9 Sell
Rating Trend:
Down
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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BMO Capital boosted its price target on Outperform-rated Apple (NASDAQ: AAPL) from $675 to $695 following blow-out Q2 results which showed strong growth in Asia.
The firm notes Asia Pacific revenue growth was 32% q/q, while all other geographies including retail had q/q revenue declines of 22% to 28%.
BMO is increasing FY2012 EPS estimate from $43.80 to $46.31, and our FY2013 EPS estimate from $50.35 to $53.45.
"We still think the trajectory of iPhone unit shipments will be important in setting the direction of the stock near term," analyst Keith Bachman notes. "Moreover, we believe iPhone units will be flat to down for the next few quarters, which we think will limit the near term upside in the stock. When investor views on the new iPhone begin to take shape (likely in early summer, in our view), we believe that AAPL shares will make a pronounced and sustained move higher, to a calendar year end run, to coincide with our likely scenario of a new iPhone in the last 3 to 4 months of the calendar year."
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.
The firm notes Asia Pacific revenue growth was 32% q/q, while all other geographies including retail had q/q revenue declines of 22% to 28%.
BMO is increasing FY2012 EPS estimate from $43.80 to $46.31, and our FY2013 EPS estimate from $50.35 to $53.45.
"We still think the trajectory of iPhone unit shipments will be important in setting the direction of the stock near term," analyst Keith Bachman notes. "Moreover, we believe iPhone units will be flat to down for the next few quarters, which we think will limit the near term upside in the stock. When investor views on the new iPhone begin to take shape (likely in early summer, in our view), we believe that AAPL shares will make a pronounced and sustained move higher, to a calendar year end run, to coincide with our likely scenario of a new iPhone in the last 3 to 4 months of the calendar year."
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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