Piper Jaffray raised its target price for Apple, joining Morgan Stanley and Canaccord Genuity Technology Analyst Michael Walkley in “The 700 Club,” analysts with price targets over $700. The brokerage raised its target to account for an upward revision in targeted growth rates for smartphone and tablet sales.
Not only do they see Apple shipping more units, but also maintaining a higher share of those markets than originally thought. The brokerage expects 189 million iPhone units will be sold in 2013, up from the price estimate of 162 million, and taking 23% market share, up from 20% previously. For tablets, they now expect Apple will lose a small portion of its market share in the face of increasing Android offerings vs. their previous estimate of a 12% loss. Piper Jaffray estimates Apple may sell 86.5 million iPads in 2013, up from the prior estimate of 75.5 million.
On top of adding another analyst to The 700 Club, Apple hit another milestone on Thursday with shares touching the $600 mark for the first time.
Apple (AAPL : NASDAQ : US$583.15), Net Change: -6.43, % Change: -1.09%, Volume: 39,172,091