Apple Gets a Price Target Boost
NEW YORK (TheStreet) -- Apple's
Canaccord Genuity analyst Michael Walkley boosted his target price to $600 from $580, based on "very strong iPhone 5s sales with improved levels of supply for all color SKUs," according to a research note on Thursday.
Shares of Apple were rising 0.21% to $562.44 on Thursday.
Walkley also noted that that the imminent iPhone launch with China Mobile
As a result, Walkley boosted his earnings estimates to $48.78 and $50.02 in 2014 and 2015, respectively. He expects Apple to generate $187 billion in revenue next year and $201.4 billion in 2015.
Analysts surveyed by Thomson Reuters are looking for Apple to earn $43.55 and $47.68 on revenue estimates of $184.1 billion and $196.01 billion in fiscal 2014 and 2015.
Aside from the strength in the iPhone, Walkley pointed out the strength in Apple's iPad sales, which CEO Timothy D. Cook has spoken positively on before. Speaking on Apple's earnings call, Cook talked about the prospects for the iPad business. "I think it's going to be an iPad Christmas and -- but we will see, we will report the numbers back to you in January how we did, but we are pretty confident," he said.
Walkley noted strong sales during the Black Friday shopping event of both the iPad Air and the new iPad mini with Retina Display. "Further, our follow-on carrier store surveys post the holiday weekend indicated the iPad Air was available in well over two-thirds of the stores surveyed, but the new iPad mini with Retina display remained supply constrained and was out of stock in a majority of the stores."
--Written by Chris Ciaccia in New York
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