“While he keeps his Outperform rating, Sacconaghi trimmed his target ro $750, from $800,” Savitz reports. “He also trimmed his FY 2013 EPS forecast to $49.41 a share, from $50.57.”
Savitz reports, “He sees revenue growth of 22% for FY 2013, 15% for FY ’14 and 8% for ’15… Earnings, driven by iPhone and iPad, should grow 35% over the next two years to $60 a share. ‘In the near term, we suspect that Apple’s stock could continue to be range-bound, given worries about the company’s ability to eclipse first-quarter and full-year FY13 estimates and given questions about the trajectory of gross margin improvement,’ he writes. ‘For longer-term investors, we believe that Apple offers a compelling combination of attractive growth, reasonable price and significant future option value.'”
Read more in the full article here.
[Thanks to MacDailyNews Reader "Fred Mertz" for the heads up.]