This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Apple Gets a Price Target Boost

NEW YORK (TheStreet) -- Apple's (AAPL - Get Report) iPhone 5s is selling well and that's good news for its stock. Like anyone didn't already know that ;)

Canaccord Genuity analyst Michael Walkley boosted his target price to $600 from $580, based on "very strong iPhone 5s sales with improved levels of supply for all color SKUs," according to a research note on Thursday.

Shares of Apple were rising 0.21% to $562.44 on Thursday.

Walkley also noted that that the imminent iPhone launch with China Mobile (CHL) could boost March "iPhone sales and offset some of the anticipated sharp decline in iPhone sales post the holiday selling season." As a result, he raised his fiscal 2014 and 2015 estimates for iPhone sales. He now expects 186 million iPhones sold in 2014 and 193 million in 2015, up from previous estimates of 171 million and 175 million, respectively.

As a result, Walkley boosted his earnings estimates to $48.78 and $50.02 in 2014 and 2015, respectively. He expects Apple to generate $187 billion in revenue next year and $201.4 billion in 2015.

Analysts surveyed by Thomson Reuters are looking for Apple to earn $43.55 and $47.68 on revenue estimates of $184.1 billion and $196.01 billion in fiscal 2014 and 2015.

Aside from the strength in the iPhone, Walkley pointed out the strength in Apple's iPad sales, which CEO Timothy D. Cook has spoken positively on before. Speaking on Apple's earnings call, Cook talked about the prospects for the iPad business. "I think it's going to be an iPad Christmas and -- but we will see, we will report the numbers back to you in January how we did, but we are pretty confident," he said.

Walkley noted strong sales during the Black Friday shopping event of both the iPad Air and the new iPad mini with Retina Display. "Further, our follow-on carrier store surveys post the holiday weekend indicated the iPad Air was available in well over two-thirds of the stores surveyed, but the new iPad mini with Retina display remained supply constrained and was out of stock in a majority of the stores."

--Written by Chris Ciaccia in New York

>Contact by Email.

Must Read: Instagram Takes a Shot at Twitter, Snapchat, With Instagram Direct (Update 1)

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AAPL $122.37 -0.50%
FB $95.28 -1.80%
GOOG $633.00 0.17%
TSLA $266.88 1.20%
YHOO $37.48 -0.50%

Markets

Chart of I:DJI
DOW 17,745.98 -5.41 -0.03%
S&P 500 2,108.63 +0.06 0.00%
NASDAQ 5,128.7850 +17.0520 0.33%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs