.....à chaque mois il y a toujours un analyste qui monte le prix cible du titre d'Apple.
Shares of Apple AAPL.q are up 77 cents at $322.02 after Gabelli & Co. analyst Hendi Susanto initiated coverage of the stock with a Buy recommendation and a price target of $450. That target is based on a 12 times P/E on Apple’s fiscal 2012 (the year ending September of 2012) estimated EPS of $25, plus a projected $103 per share in cash by that time.
That EPS estimates is high: the Street is currently modeling about $22, on average.
The note is a hoot: Susanto actually includes the old Apple “rainbow” logo at the top, and the title is, “The King Is Dead, Long Live The King.”
Susanto sees multiple factors boosting revenue this fiscal year ending in September to $98 billion, which is about $10 billion more than the Street has been looking for.
And the analysis is a lot about content and about the Apple “ecosystem,” not the devices, per se. Susanto sees Apple having 290 million users of its media consuming devices — meaning iPad, iPhone, and iPod — by this September. That number of users may more than double by 2015 to 680 million.
Susanto figures each of those individuals consume about $25 per year, on average — Apple’s content “ARPU.” But “the network effect due to the expanding universe of Apple users is cementing iTunes as an industry standard platform for content.” And as a result, Susanto expects that ARPU to rise over time.
The most glaring caveat in the report: by September of 2012, Apple should have $97 billion in cash — that’s Billion with a “B.” Hence, Susanto warns,
Thee is still no clarity on use of cash. Management indicates that it plans to retain its strong cash position for strategic opportunities in the future. We believe Apple is going to encounter increasing pressure on using its cash for share buyback or dividend.
That EPS estimates is high: the Street is currently modeling about $22, on average.
The note is a hoot: Susanto actually includes the old Apple “rainbow” logo at the top, and the title is, “The King Is Dead, Long Live The King.”
Susanto sees multiple factors boosting revenue this fiscal year ending in September to $98 billion, which is about $10 billion more than the Street has been looking for.
And the analysis is a lot about content and about the Apple “ecosystem,” not the devices, per se. Susanto sees Apple having 290 million users of its media consuming devices — meaning iPad, iPhone, and iPod — by this September. That number of users may more than double by 2015 to 680 million.
Susanto figures each of those individuals consume about $25 per year, on average — Apple’s content “ARPU.” But “the network effect due to the expanding universe of Apple users is cementing iTunes as an industry standard platform for content.” And as a result, Susanto expects that ARPU to rise over time.
The most glaring caveat in the report: by September of 2012, Apple should have $97 billion in cash — that’s Billion with a “B.” Hence, Susanto warns,
Thee is still no clarity on use of cash. Management indicates that it plans to retain its strong cash position for strategic opportunities in the future. We believe Apple is going to encounter increasing pressure on using its cash for share buyback or dividend.
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