Sterne Agee, citing better iPad supply and momentum from iPhone and Mac, has raised its price target on Apple Inc. AAPL from $445 to $460.
In the report, Sterne Agee writes, “We are picking up that the production constraints that impacted iPad shipments last quarter have significantly improved with better yields and higher output due to successful retooling and conversion of more production lines to iPad 2. From our understanding, it still has a ways to hit the 2H goal of 3-4 million units per month but getting closer. For iPhone, demand appears to be holding up better than we expected due to new white iPhone momentum as well as continued strong adoption at Verizon (VZ – $37.32 – not rated) and international markets. Last but not least, channel feedback on its recently refreshed Sandy Bridge quad-core iMacs is strong, leading us to believe its desktop Mac business is positioned to rebound (which has been a laggard).”
Sterne Agee maintains a Buy rating on AAPL.
AAPL closed yesterday at $340.53.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Posted In: Analyst ColorPrice TargetAnalyst RatingsApple Inc.Computer HardwareInformation TechnologySterne Agee
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in