RBC ups its target for Apple stock to $425 following huge quarter

By on January 19, 2011 at 12:17 PM.

RBC ups its target for Apple stock to $425 following huge quarter

Just one week ago, RBC Capital Markets Managing Director Mike Abramsky sent a price target revision to investors upping the firm’s target for Apple stock from $365 to $395. Following Apple’s monster quarter, RBC issued a new revision — this time raising its target to $425. Apple’s conservative second-quarter guidance of $22 billion still beat the Street’s $21 billion, and Abramsky points out that Mac shipments grew faster than Windows PC shipments for the 19th consecutive quarter. The firm now expects Apple’s 2011 fiscal year revenue to come in at $99 billion, up from its earlier estimate of $90.8 billion, and FY12 revenue estimates have been upped from $103.3 billion to $108 billion. Abramsky also notes that while Jobs’ medical leave may have a near-term impact on Apple’s stock, the company’s huge momentum remains intact.

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RBC: iPhone sales to hit 70 million in 2011

By on January 12, 2011 at 11:00 AM.

RBC: iPhone sales to hit 70 million in 2011

In a price target revision sent to investors Wednesday morning, RBC Capital Markets Managing Director Mike Abramsky raised the firm’s target for Apple stock to $395 from $365. RBC also raised its revenue estimates, speculating that increased demand and new product launches would drive Apple’s revenue to $90.8 billion in the 2011 fiscal year and $103.3 billion in 2012. Abramsky’s revised figures put Apple’s first quarter revenue at $25 billion, above the Street’s consensus of $24.2 billion, and the second quarter will dip slightly to between $20 and $21 billion. Apple is expected to sell 3 million Verizon iPhones in the second quarter, with unit sales totaling 9 to 10 million in the calendar year. Based on the addition of the Verizon iPhone and strong demand for the upcoming fifth-generation iPhone, which is expected to launch in June or July, RBC estimates that Apple will sell 70 million iPhones in the 2011 calendar year — 19% of the estimated global smartphone market.

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