Canaccord Genuity’s Mike Walkley this morning raised his price target on Apple shares to $545 from a prior $515, while reiterating a Buy rating, writing that “channel checks” suggest sell-through was “strong” in August for both the iPhone and the iPad.
“Our August checks indicated the iPhone 4 remained the top selling smartphone at AT&T (T) and Verizon [Communications (VZ] despite consumer speculation regarding the upcoming iPhone 5 launch,” writes Walkley.
“Further, we believe Sprint[-Nextel (S)] will receive the new iPhone at launch and heavily promote it given the carrier’s unlimited data plan.”
Walkley raised his calendar 2011 iPhone estimate to 83 million units from a prior 80 million, and raised his calendar 2012 estimate to 107 million units from 105 million. He now estimates Apple may sell 59 million iPad units next year, up from a prior estimate of 56 million.
Walkley up’d his 2011 EPS estimate to $27.29 from a prior $26.37, and raised his 2012 estimate to $32.13 from a prior $30.29.
“Our August checks indicated the iPhone 4 remained the top selling smartphone at AT&T (T) and Verizon [Communications (VZ] despite consumer speculation regarding the upcoming iPhone 5 launch,” writes Walkley.
“Further, we believe Sprint[-Nextel (S)] will receive the new iPhone at launch and heavily promote it given the carrier’s unlimited data plan.”
Walkley raised his calendar 2011 iPhone estimate to 83 million units from a prior 80 million, and raised his calendar 2012 estimate to 107 million units from 105 million. He now estimates Apple may sell 59 million iPad units next year, up from a prior estimate of 56 million.
Walkley up’d his 2011 EPS estimate to $27.29 from a prior $26.37, and raised his 2012 estimate to $32.13 from a prior $30.29.
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