T. Michael Walkley, analyst at Canaccord Genuity, recently reiterated a BUY rating on Apple (AAPL) and raised his price target to $500 from $485. Among his reasons for the increased price target were increases in expected demand and the lack of competitor performance.
“Based on solid demand trends for iPhone/iPad, poor sell-through trends for competing tablet offerings, and the ramping iOS ecosystem driving longer-term replacement sales, we believe Apple will maintain dominant value share of both the tablet and smartphone markets to drive healthy long-term earnings growth,” Walkley says.
He added that, “…we have increased our calendar 2011 iPhone sales estimate from 75.5M to 77.3M units and our calendar 2012 estimate from 94.0M to 100.2M units. Further, with our checks indicating strong global sales for the iPad, we increased our calendar 2012 iPad estimates from 53.8M to 55.1M units.”
Canaccord Genuity Inc. is a global investment banking and institutional brokerage firm. Their website is www.canaccordgenuity.com.
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