Canaccord Genuity has what may sound routine with a “Reiterated Buy” rating in Apple Inc. (NASDAQ: AAPL) this morning. The call is far from routine, because the firm’s price target is being raised to $665.00 per share (from a prior $650 target) and it is still called a Top Pick at the firm.
Channel checks indicate iPhone market share increasing and it is raising estimates as a result based upon very strong sales trends for the iPhone 4S at all three U.S. carriers and overall strong iPhone sales in international markets. The firm is raising March quarterly iPhone unit sales targets from 30.1 million to 32.6 million.
The report noted, “Apple generated a remarkable 80% share of estimated Q4/C2011 handset industry operating profits among the top 8 OEMs with only 8.1% global handset market share. Further, with Samsung’s scale advantages and leading Android smartphone share combined with Apple’s leading profit share, we estimate these two OEMs captured an amazing 95% of handset industry profits during Q4/C2011.”
On the raised iPhone sales, Canaccord Genuity now sees Fiscal 2012 pro forma earnings moving from $41.06 EPS to $42.81 EPS and it is raising its Fiscal 2013 estimate from $46.50 EPS to $47.47 EPS.
Canaccord Genuity remains at the highest levels of analyst calls on Apple.
JON C. OGG
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