While the nightmarish issues consumers have had trying to pre-order the Apple (AAPL) iPhone 4 may sound like trouble for the company to some, to the Street it simply looks like the company has another hit product in the making.
- Kaufman Bros. analyst Shaw Wu today repeated his Buy rating on the stock, lifting his price target to $340, from $320. Wu now sees the company selling 9 million iPhones in the June quarter, up from 8 million, although he trims his iPod forecast to 9.8 million units, from 10 million. Wu raises his EPS forecast for the quarter to $3.15, from $2.97. For the September 2010 fiscal year, he now sees EPS of $13.70, up from $13.30. For FY 2011, he goes to $16, from $15.05.
- Janney Capital analyst Bill Fearnley this morning launched coverage of Apple with a Buy rating and $320. (He actually picked up coverage for Janney of a host of hardware names.) “There are multiple product and technology themes that continue to drive revenues and earnings,” he writes. “In PCs, our survey work suggests Apple is a clear winner here. Overall, Apple�s design and engineering prowess and success are key to the story and to the stock.” The analyst says the stock is his best idea.
- Morgan Stanley analyst Katy Huberty this morning repeated her Overweight rating on the stock, asserting that the installed base of iPhones should rise to over 100 million by the end of 2011, from about 30 million at the end of 2009.
AAPL is up $3.42, or 1.3%, to $270.67.
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