UPDATE: Crowell Weedon Reiterates Buy Rating, Raises PT for Apple

In a report published earlier today, Crowell, Weedon & Co. reiterated its Buy rating for Apple Inc. AAPL and raised its price target from $710.00 to $770.00. Crowell Weedon went on to say “AAPL management issued what we view as conservative guidance for the June (fiscal Q3) quarter, estimating revenue of $34B (+19%) and EPS of $8.58 (+10%). The company expects a sequential decline in iPhone unit sales as the launch of the iPhone 4S in most international markets, and build-up of channel inventory are completed. However, we estimate sequential growth in both iPad (a full quarter of the new iPad and adding international markets) and Mac Systems (better industry demand, international growth, and better availability of Hard Disk Drives).” Apple Inc. closed on Friday at $608.00.