Thursday, April 21, 2011

Apple (AAPL) PT Raised to $450 by Gleacher

After another blowout quarter, Apple (NASDAQ:AAPL) unsurprisingly attracted the attention of analysts, including Gleacher & Company analyst Brian Marshall, who raised his price target on the company to $450.

Revenue for the quarter came in at $24.67 billion for the quarter, along with $5.99 billion in profit. A total 18.65 million iPhones sold during that time.

Marshall said, “Sometimes we have to step back from our AAPL financial model and simply shake our heads in awe. It is amazing how it developed over the years.”

“To put this into perspective, over [the iPhone’s] five-year timeframe, Apple will have grown its revenue base more than three-fold while simultaneously more than quadrupling its operating profits,” he added.

Marshall estimates Apple will generate $111.4 billion in revenue for calendar year 2011, with EPS of $27.90.

He is also modeling $132.5 billion in revenue for Apple during calendar year 2012, with $40.9 billion in earnings and the iPhone accounting for about 46 percent of the company’s overall sales.

Apple was trading at $352.30, gaining $9.89, or 2.89 percent, as of 2:35 PM EDT. Marshall reiterates a "Buy" rating on Apple.

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