Apple missed both analysts' top and bottom line estimates in its third-quarter results last week, but remains perfectly poised to tap the mobile Internet boom. Weighed down by economic weakness in Europe, Australia, Canada, and Brazil, the Cupertino, Calif.-based firm also suffered a lull in iPhone sales ahead of the eagerly-anticipated launch of a new device.
There were, however, positives in Apple's third-quarter numbers, such as an 84% year-over-year hike in iPad sales, with Tim Cook citing unprecedented demand from the education sector.
With rumors swirling that an iPhone 5 and an iPad Mini could debut as soon as September, followed by an Apple TV maybe in time for the holiday season, there are plenty of positive catalysts ahead for Apple.Recent quarterly results from key Apple chip suppliers Qualcomm (QCOM), Skyworks (SWKS), TriQuint Semiconductor (TQNT) and Cirrus Logic (CRUS) for example, have been cited as evidence of an imminent iPhone launch. White has a buy rating and $1,111 price target on Apple. "With the iPhone 5 launch on the horizon and other potential new products in the coming quarters, we believe Apple's stock is prepared for the next major leg up that could propel Apple to our $1,111 price target over the next year," he explained White, in a note.