“Wedbush Securities’s Scott Sutherland today reiterates an Outperform rating on shares of Apple and adds it to the Best Ideas list, while raising his price target to $530 from $510, after raising his estimates for the iPhone and the iPad and predicting continued dominance by Apple in the ‘connected devices’ market,” Tiernan Ray reports for Barron’s.
“Sutherland expects the newest iPhone to debut in October, along with “an iPhone targeting emerging markets and an LTE iPhone in 2012 with a “materially improved user interface,” without explaining any further,” Ray reports. “The iPad’s competitors, moreover, will continue to struggle, he writes.”
Ray reports, “Sutherland raised his estimates for fiscal 2012 to $136 billion in revenue and $32.51 per share in EPS, up from $126.8 billion and $29.13 per share.”
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