CUPERTINO, Calif. (TheStreet) -- Another day, another new Apple (AAPL) price target, this time courtesy of Credit Suisse (CS), which cited the tech giant's strengths across PCs, tablets and smartphones.
"In a multi-device world, Apple is materially advantaged versus peers," explained Kulbinder Garcha, an analyst at Credit Suisse, in a note released on Thursday. The tech giant, he adds, has built a "virtuous circle of competitiveness" with its Macs, iPads and iPhones offering consumers an "unrivaled" computing experience and driving sales across its product portfolio.
|Credit Suisse raised its Apple estimates and price target on Thursday.|
Credit Suisse raised its Apple price target from $700 to $750 on Thursday. Citing higher iPhone volumes, the firm also hiked its Apple earnings estimates for 2012 and 2013 by 5% and 10%, respectively, to $50.14 a share and $60.72 a share.
Other analysts have highlighted Apple's so-called "halo" effect whereby consumers buy one product, such as Apple's iPod, and then graduate to other offerings, such as the iPhone, iPad and Mac.Apple, which hit yet another new all-time high earlier this week, has ridden a wave of positive analyst sentiment recently. On Wednesday, for example, Sterne Agee raised its Apple price target to $750 and boosted earnings estimates, citing the instant success of the new iPad. The Cupertino-Calif.-based company has already confirmed stellar demand for the third-generation iPad during its debut weekend last month. This momentum appears to be continuing, according to Sterne Agee's Shaw Wu. "What we are picking up are strong follow-up demand trends for the new iPad despite a very strong start of 3 million units sold in the first few days," he explained, in the research note accompanying the price target hike. "We believe this is likely because the new iPad is a significant upgrade with an HD retina display, quad-core graphics, and 4G LTE wireless. In addition, the price cut on the iPad 2 appears to be helping as well." Sterne Agee raised its iPad forecast from 11.5 million to 12.3 million for the March quarter, and from 60 million to 63 million for calendar year 2012. For fiscal year 2012, the analyst firm hiked its revenue estimate from $160 billion to $161.2 billion, and its earnings forecast from $43.8 a share to $44.5 a share.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV