UPDATE: Crowell Weedon Raises Apple's PT

According to a research report published today, Crowell, Weedon & Co. has increased Apple Inc.'s (NASDAQ: AAPL) PT from $600 to $710 following the launch of the new iPad.In the report, Crowell, Weeden & Co. said, “Based upon slightly higher Q2 and fiscal year assumptions for unit sales of iPhones, iPads, and Mac computers, we have increased our revenue and EPS estimates for AAPL. We have increased our FY'12 (September) revenue estimate to $160.6B (from $156.7B) and our EPS estimate to $44.26 (from $43.03 previously). On an annual basis our revised estimates reflect revenue and EPS growth of 48% and 60%, respectively. Our $710 price target reflects P/E of 16.0x our $44.26 (FY'12) estimate and 14.7x our $48.36 (FY'13) estimate. In addition, $710 reflects an enterprise value that is 9.6x our FY'12 EBITDA estimate of $59.7B.”Crowell, Weeden & Co. maintains its Buy rating on Apple, which is currently trading at $609.20.