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Analysts Raise AAPL Target Price
Tuesday, June 17th, 2008 at 4:00 PM - by .(JavaScript must be enabled to view this email address)
On Tuesday, analysts from RBC and Deutsche Bank predicted a doubling of iPhone sales in 2009. On Wednesday, analysts from Morgan Stanley and Needham & Co. raised their target price for Apple stock.
Kathryn Huberty with Morgan Stanley raised her target for AAPL from US$185 to $210. She stated that there are attractive opportunities for Apple to "to attach high margin software and services to a growing iPhone installed base."
Charlie Woolf with Needham & Co. reiterated a strong Buy rating and raised his target price from US$235 to $240. He believes that while the deep price cut on the iPhone reduces its contribution to Apple, that will be more than made up by the halo effect and incremental gains in Mac sales. Analyst Tim Luke with Lehman Bros. wrote on Tuesday that new data from NPD shows Mac unit sales grew 50 percent year-over-year in May.
Toni Sacconaghi with Bernstein Research is not as enthusiastic as some others about the prospects for the iPhone in the enterprise, despite the announcements Apple made at WWDC’s keynote, checking the boxes for enterprise support.
"Our CIO survey suggests that corporate iPhone use will be driven by employees purchasing their own iPhones rather than company-wide deployments of iPhones," he wrote on Wednesday. "If this persists, it may ultimately limit iPhone penetration into the corporate space even through Apple has added Microsoft Exchange support."
AAPL is currently trading at US$178.52, down $2.91 for the day.
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