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Investing

Apple’s $560 Price Target (AAPL)

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By Jon C. Ogg Published
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Apple Inc. (NASDAQ: AAPL) has been reiterated as BUY with a $560 price target objective this morning by Canaccord Genuity.  The firms channel checks indicate record iPhone December quarter sales and showed that the iPhone held dominant sell through share at the largest three U.S. carriers.

The firm expects record iPhone sales in the December quarter and new product launches in 2012 including iPad 3, iPhone 5 and Apple TV all to generate strong growth for Apple and the stock remains a top pick. 

Despite heavy promotions for new LTE smartphones, Verizon recently announced record iPhone sales of 4.2 million units in the December quarter, up 110% sequentially following the iPhone 4S launch. The firm also sees 6 million iPhone units sold at AT&T, and another 2 million at Sprint…. All told, call it 12 million U.S. iPhone sales.

The firm’s $560 price target is based on shares trading at roughly 14-times its 2013 pro forma EPS estimate. The current consensus price target from Thomson Reuters is $505.60 according to Thomson Reuters.

JON C. OGG

Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. a673b.bigscoots-temp.com.

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