“As a result, we are raising our iPad forecasts and hence our estimates and price target. We are now modeling 12.3 million iPads (from 11.5 million) for the March quarter and 63 million (from 60 million) for CY12. For FY12, our new estimates are $161.2 billion in revenue and $44.50 in EPS (from $160 billion and $43.80 in EPS) vs. consensus at $160 billion and $44.19 in EPS and for FY13, $186 billion and $51.00 in EPS (from $184.4 billion and $50.00 in EPS) vs. consensus at $189.8 billion $50.45 in EPS. Our new price target is $750 (from $740) assuming what we think is a reasonable and conservative 12x multiple on our new CY13 EPS estimate of $54.04 plus $102 in net cash.”
Today’s move might not sound as impressive as the $1,001 Apple price target that was recently put out nor compared to the $1,650 ‘possible’ target by the end of 2015 but it is still one more incremental gain. Apple shares are still up 0.6% at $632.41, although it may be worth noting that this is actually lagging the NASDAQ gain of 1.1% and even lagging the DJIA gain of 0.8% so far today.
JON C. OGG
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