Apple (NASDAQ:AAPL) Gets Crazy $550 PT from Ticonderoga

Just about every analyst seems to have weighed in on Apple (NASDAQ:AAPL) in response to their amazing quarterly results Tuesday, with the most exuberant being Ticonderoga, which raised their price target on Apple to a Street high of $550.

Ticonderoga Securities analyst Brian White said, "Despite Monday's news regarding Steve Jobs' medical leave of absence, we believe it will difficult to keep Apple's stock from making new highs given the much stronger than expected quarter and outlook reported by the company last night. With the stock now trading at just over 11x our conservative CY11 EPS estimate (ex-cash), we believe there is plenty of upside left in the stock price and we are raising our 12-month price target to $550.00."

The prior price target of Ticonderoga was $450, the high end of the majority of other price target estimates.

Another major factor cited by White was the growing success of Apple in China, where he says they have "clearly caught Apple Fever."

Ticonderoga is boosting their second quarter 2011 revenue projection from $19.73 billion to $22.75 billion and increasing their EPS estimate from $4.15 to $5.13.

For fiscal 2011 they are increasing revenue estimates from $88.50 billion to $102 billion and raising their EPS estimate from $19.01 to $23.36.

Apple was trading at $343.89, up $3.23, or 0.95 percent, as of 11:46 AM EST.