Citing even stronger than anticipated demand for the iPad, Kaufman Bros. analyst Shaw Wu raised his stock target for Apple shares to $374, up from a previous target of $350. In a research note to clients, and summarized by Philip Elmer-DeWitt over at CNN, Wu highlighted the following reasons behind his bullish position.
- Strong demand for iPads and improved availability. “This alone is enough to drive significant upside to consensus estimates,” he writes.
- Slight cannibalization of low-end MacBooks in what is otherwise a strong Mac quarter helped by continued MacBook Pro momentum and faster new iMacs introduced in late July
- Strong momentum for the iPhone “with little to no impact from antenna concerns” although tight supply of small screens could limit upside
- Strong iPod momentum helped by the new iPod touch, a redesigned iPod nano and a new shuffle
Meanwhile, as of noon CST today, shares of Apple were trading at 281.22, up around 2.13% for the day. At the start of trading, Apple shares reached $281.76, marking an all-time intraday high for the company.
Mon, Sep 20, 2010
Finance, News