Wells Fargo Raises Valuation Range on Apple (AAPL) After New iPad
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Rating Summary:
45 Buy, 28 Hold, 8 Sell
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Today's Overall Ratings:
Up: 9 | Down: 19 | New: 5
Rating Summary:
45 Buy, 28 Hold, 8 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 9 | Down: 19 | New: 5
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Wells Fargo boosted its valuation range on Outperform-rated Apple (NASDAQ: AAPL) from $550-$575 to $620-$640 following the announcement of the "New iPad."
The firm notes that while the iPad is not a revolutionary change from the iPad 2, it does feature the HD Retina display, has 4G support and an upgraded quad-core processor.
Wells Fargo's analyst remains confident in their 10.5 million unit forecast for the March quarter and with the release "Apple again pushes themselves further ahead of all competition in the tablet market."
The firm also noted that the event was more consumer centric, versus last year when it was more focused on enterprise usage. "We think that at this point, the company no longer needs to sell themselves to enterprises, as the users themselves are pushing their IT departments to provide them," the analyst commented.
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 $530.69 yesterday.
The firm notes that while the iPad is not a revolutionary change from the iPad 2, it does feature the HD Retina display, has 4G support and an upgraded quad-core processor.
Wells Fargo's analyst remains confident in their 10.5 million unit forecast for the March quarter and with the release "Apple again pushes themselves further ahead of all competition in the tablet market."
The firm also noted that the event was more consumer centric, versus last year when it was more focused on enterprise usage. "We think that at this point, the company no longer needs to sell themselves to enterprises, as the users themselves are pushing their IT departments to provide them," the analyst commented.
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 $530.69 yesterday.
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