UPDATE: Canaccord Genuity Raises Target to $650 on Apple
Canaccord Genuity reiterates its Buy rating on Apple (NASDAQ: AAPL) and raises its price target to $650 (previously $560) to reflect a clean and strong beat to expectations for the quarter.
Canaccord Genuity comments, "Very strong and best-ever iPhone, iPad, and Mac sales contributed to record Apple results. Apple's FQ2 guidance for pro forma EPS of $8.50 was also ahead of our $7.97 and consensus $8.02 estimate. We believe Apple is well positioned for very strong C2012/13 sales and earnings growth driven by new product introductions, including the pending refresh of MacBook Air, the iPad 3 launching this spring, an LTE iPhone likely in CQ3/12 and potentially Apple TV exiting C2012."
AAPL closed at $420.41 on Tuesday before its earnings release. A
