Bank of America Merril Lynch analyst Scott Craig must have anticipated the strong iPad launch that hit 9 countries this past weekend. Late last week, Craig issued a bullish report on Apple to investors where he upped his stock target for Apple shares to $325, up from a previous target of $300.
We believe multiple tailwinds exist for iPhone demand including strong uptake at AT&T and international growth (expansion to multi- carrier and with existing carriers). … We raise our iPad estimates on better than expected demand (with lengthy lead times) and based on channel checks in Asia. Also, we believe consensus estimates meaningfully underestimate Apple’s gross margin potential (not overly unusual).
If you take a look at the chart below, courtesy of AAPLinvestors, you can see that a large number of analysts see good things ahead for Apple’s share price, with approximately 25 of them holding stock targets at or above $300.