Apple (AAPL) shares are trading higher today on another round of Street estimate hikes, as evidence of strong demand for the iPad continues to pile up.
* Gleacher & Co. analyst Brian Marshall repeats his Buy rating, while lifting his price target to $370, from $355. His EPS forecast for the September 2010 fiscal year goes to $16, from $15.75; for FY 2011, he now sees $18.50, up from $17.75. On the other hand, he trims his June quarter estimate to $3.24, from $3.50, to reflect a projected push out of some iPhone units into the September quarter from the June quarter, due largely to supply constraints. He now sees June quarter iPhone units at 7.75 million, down from 8.75 million. “Apple,” he writes, “remains the best technology company on the planet.”
* CLSA Asia Pacific Markets analyst Steve Fox likewise repeats his Buy rating on the shares, lifting his target to $335, from $320. He also raises EPS estimates, to reflect “continued momentum in iPad sales.” His FY 2010 EPS estimate goes to $13.85, from $13.65; for FY 2011 he now sees $17.60, up from $17. He expects iPad sales in the June quarter of 3.4 million units. He also says that checks find LCD panel and touchscreen sensor capacity and yields “are more favorable for iPad supply than we heard just a few weeks ago.” He thinks Hon Hai is poised to ship 18 million iPads in the first 12 months of production.
Read more: Barron’s Tech Trader Daily
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