Analysts raise targets on Apple post Q2 results

08:50, April 22, 2010      

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A day after Apple announced strong quarterly profits on record iPhone sales, and forecasted strong third-quarter revenue, at least three brokerages raised their price targets on the company.

"Altogether Apple is executing exceptionally well across all product segments and geographies and has given us increased confidence in the company's long term growth outlook," Thomas Weisel Partners said.

Deutsche Bank, which raised its price target to 350 U.S. dollars from 325 dollars, said robust iPhone and Mac demand, international expansion and new product cycles should drive continued momentum.

Apple has projected revenue of 13 billion dollars to 13.4 billion dollars in the June quarter and earnings-per-share between 2.28 and 2.39 dollars. The company sold 8.75 million iPhones in the March quarter, more than double the figure of a year ago and way above estimates, driven by strong, broad-based, international demand for the smartphone, some of it due to the addition of new carriers in key overseas markets.

Apple shares which have risen 16 percent this year, were up 5 percent at 257 dollars in pre-market trade. They closed at 244.59 dollars Tuesday on Nasdaq.



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