Credit Suisse ups Apple stock target to $300

Sat, Mar 27, 2010

Finance, News

As Apple’s share price continues to reach new all-time highs on what seems like a daily basis, Credit Suisse analyst Bill Shope on Friday upped his target for Apple’s share price to $300 citing the potential of the iPad to further solidify Apple’s bottom line.

In turn, Shope increased his EPS estimate for the current quarter to $2.57 a share from $2.27 a share. He also upped his revenue estimate for the current quarter to $12.26 billion from $11.45 billion. The Wall Street consensus for Apple’s EPS this quarter is about $2.37 a share on revenue of $11.8 billion.

“We believe Apple is now running well ahead of expectations in all of its key business segments,” Shope wrote, “To put this in perspective, the March quarter typically represents Apple’s seasonal nadir, and our estimates would imply the March quarter of 2010 would be the second strongest quarter in company history.”

At the close of trading on Friday, Apple shares were trading at $230.90.

via Yahoo! Finance


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