In a note to clients yesterday after Apple release their earnings report, Piper Jaffray analyst Gene Munster wrote, “‘While shares of Apple may pull back today (10/19), we would be buyers based on our belief that investors will gain optimism over the next three months that the growth story will continue. We are raising our FY11 revenue growth rate from 24% to 32% and our price target goes from $390 to $429. Key takeaways from the Sept. quarter include: adjusting for iPhone backlog in Sept. (we believe iPhone growth rate went from 61% in June to 114% in Sept).; Apple reported 4.1m iPads sold but we believe the true demand was closer to 4.5m; Street was disappointed with margins but we believe higher volumes are a net positive for the business.'” Roger Nachman reports for Benzinga.
Full article here.
[Thanks to MacDailyNews Reader “Dan K.” for the heads up.]