Oppenheimer Joins $700 Club on Apple (AAPL)

March 16, 2012 10:04 AM EDT
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Price: $137.59 +0.17%

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    44 Buy, 19 Hold, 4 Sell

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    Up: 4 | Down: 15 | New: 18
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It seems everyone is raising their Apple (Nasdaq: AAPL) price target these days, and
Oppenheimer is no exception.

Today the firm boosted its price target on the iPhone and iPad maker from $570 to $700, while reiterating their Outperform rating. The firm also boosted estimates. FY12 and FY13 EPS estimates go to $46.70 and $54.40 versus the consensus of $42.97 and $48.04, respectively.

"Our checks are consistently positive for the iPhone 4S in the U.S. and
internationally, and the new iPad launch also looks to be very strong," analyst Ittai Kidron said. "These catalysts give us good comfort in our above Street estimates for the March quarter and suggest room for upside."

There is ample room to expand internationally, the firm notes. Particularly China. They also see new opportunities to extend growth further with products like a smart-TV and and expect a dividend eventually.

On the eventual dividend, the firm believes Apple could pay out a yield in the 1-2% range. "Timing is unclear, but we'd expect a positive reaction once it becomes a reality although we believe many income investors are already positioned," the firm said.

For more analyst ratings on Apple please visit here.

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