Apple Gets Goldman Price Hike
All the signs certainly point to robust sales for Apple's latest iPad, which was launched last month. The company enjoyed "record" demand for the tablet, according to Apple CEO Tim Cook, selling 3 million of the devices during the first weekend of sales.
There has, however, been some concern that Apple's stock could be impacted by the lack of major product events until the rumored launch of the iPhone 5, which is expected to happen during the summer. Apple's previous iPhone launches have taken place during the company's Worldwide Developers' Conference (WWDC) in June, hitting the shelves shortly afterwards.
Goldman's Shope doesn't believe this will be an issue.
"We believe recent investor concerns over a 'catalyst-light' June quarter are misguided, since this will be the first full quarter with a refreshed iPad, a lower-priced iPad 2, and a fully ramped iPhone distribution channel," explained the analyst.
"In other words, the June quarter is when many of the recent catalysts begin to fully manifest into earnings power," he continued.
Apple shares gained $4.45, or 0.7%, to $614.15 in early action on Wednesday.
--Written by James Rogers in New York.
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