Friday, February 8, 2013

Apple: Barclays Ups Target, Estimates; Keeps Overweight Rating

Barclays Capital analyst Ben Reitzes this morning repeated his Overweight rating on Apple (AAPL), lifting his target on the stock to $385, from $340. He also increased his EPS forecast for the September quarter to $4.05, from $3.91; for FY 2011 he now sees $17.80, up from $16.92.

“Even at this market cap” – almost $272 billion – “we continue to believe Apple is the best growth play in the IT hardware segment � with prospects for significant double digit organic revenue growth for several more years,” he writes in a research note.

For the September quarter, Reitzes boosts his forecast for iPad unit sales to 4.8 million, from 4.3 million; for the December quarter, he now expects sales of 6 million units, up from 5.1 million. His FY 2011 view is now 21.1 million units, up from 18.9 million; he sees iPad sales jumping to 27.9 million in FY 2012. Reitzes also revised his model for iPhone sales. His new estimates for FY 2011 is 51.7 million units, up from 49.4 million; he thinks the total will reach 64.3 million in FY 2012.

AAPL is up $1.86, or 0.6%, to $297.22.

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