Canaccord Genuity Reiterates Buy Rating on Apple Following June Quarter Results

In a report published Wednesday, Canaccord Genuity analyst T. Michael Walkley reiterated a Buy rating and $530.00 price target on Apple AAPL.

In the report, Canaccord Genuity noted, “Apple reported mixed June quarter results at the high end of its guidance range with iPhone sales above expectations, but iPad sales below. Consistent with our global wireless surveys indicating resilient iPhone unit sales driven by price elastic demand for lowered iPhone sell in prices globally, Apple reported iPhone unit sales well above consensus estimates with lower ASPs. We believe the strong demand for the more affordable iPhone 4 demonstrates the sizable TAM potential for a new lower-priced iPhone SKU likely to launch later this year. We maintain our belief that Apple has a strong product pipeline, including a refreshed iPhone 5S, mid-tier iPhone, and iPad lineup that should result in solid earnings growth during F'14. We reiterate our BUY rating and $530 PT.”

Apple closed on Tuesday at $418.99.