UPDATE: Goldman Sachs Raises PT on Apple to $470 (AAPL)

Goldman Sachs is out with its report today on Apple AAPL, raising its PT from $450 to $470. In a note to clients, Goldman Sachs writes, "We reiterate our CL-Buy on Apple. We are raising our forecasts as we remove some of our Japan-related supply conservatism and adjust estimates on significant iPhone upside. Although we still need to monitor Japan supply chain risk closely, it appears that Apple's supply chain clout is allowing it to avoid any material challenges. Our FY2011/2012/2013 revenue and EPS estimates increase to $104.35/$127.41/$140.23 bn and $24.83/$30.30/$33.23 respectively from $101.42/$123.88/$136.21bn and $23.10/28.98/$31.71 previously. We are raising our 12-month price target to $470 from $450. This is based on an 18X P/E multiple (unchanged) on our raised CY20111 EPS estimate, or a 19% discount to Apple's five-year average multiple of 22X." At the time of posting, shares of AAPL were trading pre-market at $358.39, up 4.67% from Wednesday's close.