Apple's Share-Price Target Boosted by Goldman |
| TheStreet.com - Jan 9, 2012 |
It's earnings season, and Goldman Sachs is raising the stakes on Apple(AAPL_), lifting its price target on the tech giant to $550.
Goldman's new price target coincided with Apple hitting a new 52-week high on Monday. Shares of the iPhone maker, which will report earnings on Jan. 24, spiked briefly to $427.38 shortly after the market opened, surpassing its previous 52-week high of $426.70.
Goldman Sachs analyst Bill Shope raised his price target to $550 from $520 and reiterated his Conviction List buy rating based on expectations for strong iPhone sales in the December quarter. Shope raised his iPhone sales estimate to 31.0 million from 30.2 million, an annual growth rate of 91%.
Goldman's target sits above the 12-month median price target on Apple shares of $510, according to Yahoo! Finance. The top price target on Apple is $700, from Hudson Square's Daniel Ernst. Piper Jaffray's Gene Munster and Ticonderoga Securities' Brian White are also exceptionally high on Apple, with $607 and $666 price targets, respectively.
Read Full Article from TheStreet.com
- Posted: 2012-01-09 14:12:21
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