Oppenheimer raised its fourth-quarter profit forecast and price target on Apple
Oppenheimer targets 12.0 million iPhone units in fourth quarter, up from its prior estimate of 10.5 million units, and also raised iPad estimates to 4.5 million units from 3.9 million.
The brokerage raised its price target on the stock to $345 from $300 and fourth-quarter EPS estimate to $4.41 from $4.01 and revenue estimate to $19.9 billion from $18.5 billion.
"With the iPhone revolution still in early innings, the iPad just out, and the innovation engines of many key competitors still reeling from the recent economic calamity, Apple appears as well positioned as ever to deliver another series of home runs," the brokerage said in a note.
The brokerage said one concern about Apple is expectations that Verizon
"Bottom line, as big as Apple is today, it seems destined to get much bigger," Oppenheimer said.
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