Wedbush Raises PT On AAPL To $445

Wedbush is raising its price target on Apple Inc. AAPL from $430 to $445 based upon the company's solid iPhone and Mac sales in FQ2. Says Wedbush, in the report, “Revenue of $24.7 billion was up 83% YoY. This was above our estimate of $22.8 billion and the consensus estimate of $23.4 billion. EPS of $6.40 was well above our estimate of $5.05 and the consensus estimate of $5.37… Shipments of iPhones increased 113% YoY to 18.6 million compared to our estimate of 15.8 million and estimated smartphone market growth of 49%. Excluding 1.7 million units of channel fill to support carrier launches, units still increased 94% YoY. iPad shipments of 4.7 million were below our estimate of 5.9 million but were impacted by 0.4 million units of channel depletion as iPad 2 deliveries could not keep up. However, with the iPad 2 launch late in the quarter, a large backlog of orders, and additional country launches, we expect solid sequential growth in FQ3. Apple also gained share in the PC market, with Mac units increasing 28% YoY. Lastly, iPods declined -17% YoY.” Wedbush maintains its Outperform rating on the stock. AAPL closed at $342.41 yesterday.