Apple (NASDAQ:AAPL) PT Raised on iPhone, iPad Sustainable Trends

Apple (NASDAQ:AAPL) has their price target raised by Canaccord Genuity, which cited sales of iPhones and iPads remain strong. Also of note is the expected surge in iPhone sales from Verizon's (NYSE:VZ) product launch on February 10.

Canaccord analyst T. Michael Walkley said, "Our monthly channel checks indicated continued strong sales of the iPhone 4, as it remained by far the top-selling smartphone at AT&T (NYSE:T). Further, our checks indicated continued strong sales of the iPad. Finally, our checks indicated Verizon is planning for strong demand for the CDMA iPhone4 launch scheduled for February 10 (this Thursday), and we anticipate strong sales post the launch. As such, we have increased our iPhone unit estimates from 72.9M to 74.8M units for C2011 and raised our pro-forma F2011 EPS estimate from $21.84 to $22.92 and our F2012 estimate from $24.00 to $25.60."

Canaccord reiterated their "Buy" rating on Apple, which was trading at $355.25, up $3.37, or 0.96 percent, as of 12:43 PM EST. Canaccord raised their price target on Apple from $432 to $460.