Oppenheimer Raises Target, Estimates and iPhone/iPad Estimates on Apple (AAPL)
Tweet
Share
E-mailGet Alerts AAPL Hot Sheet
Price: $305.93 --0%
Rating Summary:
45 Buy, 28 Hold, 9 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 16 | New: 19
Rating Summary:
45 Buy, 28 Hold, 9 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 16 | New: 19
Join SI Premium – FREE
Oppenheimer is catching up to Apple's (NASDAQ: AAPL) surging share price, and today raised their price target from $510 to $570. The firm reiterated their Buy rating, raised FY12 estimates, and raised iPhone and iPad estimates.
Checks showed only a small post-holiday slowdown in iPhone 4S demand. iPad demand has fallen more post-holiday, although they believe this in part reflects the expectation of a new iPad3 announcement. The firm sees a lower price point for the iPad2 with the iPad3 announcement.
March quarter 2012 iPhone shipment estimates were raised to 31M from 29M and iPad estimates to 11M from 10M. The firm raised FY12 EPS estimates from $45.14 to $45.78.
Reports point to a March-7th iPad3 introduction with shipments soon after, the firm notes. Likely upgrades include a retina display, faster processor, and potentially 4G-LTE. The WSJ also reports Apple's testing an 8"-screen iPad, although the firm is not sure of the timing for a smaller iPad.
On the dividend, the firm notes with $100B in cash on the books, management admits to having more than needed for operations, although also calls for patience. "We continue to believe a dividend is an eventual reality (yield could easily be ~1%-2%) although timing is unclear," the analyst said.
There is still more upside in the shares, the firm said. "We continue to see multiple growth catalysts with significant room to expand iPhone and iPad penetration and enter new markets such as smart TVs (potentially in late 2012)."
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 $502.21 yesterday.
Checks showed only a small post-holiday slowdown in iPhone 4S demand. iPad demand has fallen more post-holiday, although they believe this in part reflects the expectation of a new iPad3 announcement. The firm sees a lower price point for the iPad2 with the iPad3 announcement.
March quarter 2012 iPhone shipment estimates were raised to 31M from 29M and iPad estimates to 11M from 10M. The firm raised FY12 EPS estimates from $45.14 to $45.78.
Reports point to a March-7th iPad3 introduction with shipments soon after, the firm notes. Likely upgrades include a retina display, faster processor, and potentially 4G-LTE. The WSJ also reports Apple's testing an 8"-screen iPad, although the firm is not sure of the timing for a smaller iPad.
On the dividend, the firm notes with $100B in cash on the books, management admits to having more than needed for operations, although also calls for patience. "We continue to believe a dividend is an eventual reality (yield could easily be ~1%-2%) although timing is unclear," the analyst said.
There is still more upside in the shares, the firm said. "We continue to see multiple growth catalysts with significant room to expand iPhone and iPad penetration and enter new markets such as smart TVs (potentially in late 2012)."
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 $502.21 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Rothschild Redburn Upgrades Apple (AAPL) to Buy
- Arthur J. Gallagher (AJG) PT Raised to $300 at Argus
- Apple In Coming Months To Launch Suite Of AI Tools In China-sources - Reuters
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS ChangeRelated Entities
DividendSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
