Dependable Apple analyst Charlie Wolf from Needham & Company upped its target for Apple shares to $540.
In Wolf’s latest projection, the iPhone only contributed modestly to his increased price target. Instead, he has increased his models for Mac and iTunes revenue.
Wolf breaks down Apple’s projected value per share with a dollar amount assigned to each of the company’s major product categories. In the latest numbers, iTunes saw the largest percentage increase in value, up 82.3 percent, to represent what he called “explosive growth in iOS applications sales.”
In addition, he expects the iPad to capture a larger share of the tablet market going forward than was previously anticipated. In Wolf’s model, the iPad accounts for 12.2 percent, or $65.62, of the $540 price target.
This year, Wolf sees total iPad shipments of 35.6 million units, up 137.4 percent year over year. In 2012, he anticipates Apple’s tablet will grow another 52.5 percent, to 54.3 million units shipped.