“Bank of America/Merrill Lynch’s Scott Craig issued a bullish note to clients Friday in which he raised his estimates for Apple’s (AAPL) third quarter revenue and earnings and upped his share price target — from $300 to $325,” Philip Elmer-DeWitt reports for Fortune.
“‘We believe multiple tailwinds exist for iPhone demand,’ he wrote, ‘including strong uptake at AT&T (continued) and international growth (expansion to multi- carrier and with existing carriers)… We raise our iPad estimates on better than expected demand (with lengthy lead times) and based on channel checks in Asia. Also, we believe consensus estimates meaningfully underestimate Apple’s gross margin potential (not overly unusual),'” Elmer-DeWitt reports.
“Craig is the fourth major analyst this month to raise Apple’s price target in advance of the company’s third fiscal quarter, which ends June 26,” Elmer-DeWitt reports. “The others were Morgan Stanley’s Katy Huberty (to $310), Standard & Poor’s Clyde Montevirgen ($300) and Sterne Agee’s Vijay Rakesh ($300).”
Full article, with a list of analysts’ current ratings for Apple, here.
[Thanks to MacDailyNews Reader “Edward W.” for the heads up.]