Sterne Agee Boosts Apple (AAPL) Target to $780

Sterne Agee boosted estimates and its price target on Apple (NASDAQ: AAPL) from $750 to $780 following blow-out results. The firm reiterated their Buy rating.

Analyst Shaw Wu comments, "AAPL reported an impressive March quarter fueled by a big iPhone upside. This was surprising in light of relatively weak activations at VZ and AT&T. But there are 230 global carriers and in our view, this simply means that AAPL has moved beyond a U.S. centric story to more of an international one, focused on growth markets like Greater China."

On Q3 guidance, the analyst notes "AAPL reverted back to its vintage conservative style."

For FY12, the firm is now at $158.1 billion in revenue and $46.00 in EPS (from $160.1 billion and $44.75 in EPS) and for FY13, $187.2 billion and $53.00 in EPS (from $187.3 billion and $52.00 in EPS). The firm is modeling 28 million and 25 million iPhone units for the June and September quarters (from 29 million and 28.6 million respectively).

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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