JP Morgan ups Apple price target to $390 from $316

Invisible Shield for Apple iPhone 4!JP Morgan has upped their Apple price target to $390 from $316, reiterated their overweight rating, and added the stock to the firm’s “Analyst Focus List.”

Eric Savitz blogs for Barron’s, “J.P. Morgan analyst Mark Moskowitz writes, ‘Apple stands to be the high-growth, technology leader, having no rival for some time. The iPhone and iPad rapid growth phenomena, coupled with untapped opportunities internationally for Mac, underpin our confidence in the stock’s major appreciation from current levels.'”

“Moskowitz writes that Apple is ‘the growth story without rival,’ and says he doubts the latest round of estimate revisions will be the last,” Savitz reports. “He sees sales and profit growth ‘far exceeding 20%’ over the next two years. He notes that at 14x his calendar 2011 EPS estimate, the stock trades below its 3-year average multiple of 23x.”

Savitz reports, “The analyst expects iPhone shares to top the 10 million units a month level in the September quarter, earlier than his previous forecast of a ‘March 2011 inflection point.’ As for iPad, he thinks demand will intensify in the back-to-school and holiday seasons; he projects sales of 3.8 million for the June quarter, and 21.5 million for the September 2011 fiscal year.”

Full article here.

[Attribution: Reuters. Thanks to MacDailyNews Reader “dslarsen” for the heads up.]

12 Comments

  1. First used Mac in 1985. Should have bought so many times but finally did a couple of years ago and then another 4 times after that. Good buying opportunity right now for those who have held off before the July reporting. Banking on my future with Apple. Can you say Golden Delicious.

  2. Entirely reasonable.

    Institutional investors, hedge funds and day traders are doing everything they can to drop Apple’s share price now, as much as possible before Apple announces blockbuster earning numbers in a few weeks (July 20th) so that they can get in and make fast profits at the expense of investors that have long term investments.

    State of the Apple:

    – iPads are still backordered after being on the market for months now and Apple still can’t meet crushing universal demand.

    – iPhone 4s are nowhere to be found and sold out everywhere in the world they are offered.

    – iPhone 4’s product launch is the biggest and most successful product launch ever in retail history

    – Apple, the company with the best inventory management record in the world, says that demand for iPhone4 and iPad has exceeded it’s highest expectations

    – Macs are selling in record mumbers

    – There isn’t anything on the market nor is there likely top be a worthy competitor to either iPad or iPhone, for years to come because Apple holds exclusive Multi Touch patents

    – Apple has performed outstandingly throughout a world finical crisis and had record earnings quarter after quarter with no sign of letting up anytime soon

    – Apple’s new product pipeline is no where near exhausted and behold some BIG future surprises

    – Apple Customer Satisfaction for both support and products is the highest of any company in the world

    – Christmas retail, again this year will be entirely Apple’s

  3. breeze…

    Plz stop re-posting the same statements in multiple threads. We get it.

    If you have something new to say, then fine.

    If not…

    MaWo: ‘food’. As in, ‘for thought…’

  4. What will the estimated stock value be when the iMac and MacBooks are also back dated 1 or 2 weeks as we enter the Back to School buying frenzy? 2 years ago, they reported the percentage of Freshman caring Macs to school at about 27%. I was told that last year it was 2/3 to 3/4 of the students caring a Mac. This year will be higher. And those new at work are heavy mac users too. And yes, the iPads and iPhones will be everywhere!

  5. All of the above plus the millions like me waiting to buy – hell, just to get my order placed – a WHITE 32GB iPhone 4. I so wish Apple would let us place orders no matter how long we’ll have to wait for delivery.

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