Crowell Weedon Raises Price Target On Apple (AAPL)
Crowell Weedon is reiterating its Buy rating and raising its price target to $375 on Apple Inc. (NASDAQ: AAPL).
In a note to clients, Crowell writes, "On the strength of new products (iPhone 4 and iPad) Apple's Q4 was a record quarter, highlighted by revenue of $20.3 billion (B) and EPS of $4.64, year/year growth rates of 67% and 68%, respectively. The numbers exceeded both our estimates of $18.3B and $3.95 and consensus. Our Q1 (December) outlook anticipates another record, boosted by robust holiday demand for iPhones, iPads, iPods, and Mac computers. We have significantly increased our FY 2011 (September) revenue and EPS estimates to $88.8B and $19.39, respectively (from $77.1B and $17.37). We have increased our price target to $375 from $340, and reiterate our Buy rating."
Shares of AAPL are down $1.97 to $307.55, a loss of 0.6%.
