BMO ups Apple price target to $590 on higher iPhone sales

“BMO Capital’s Keith Bachman, who has an Outperform rating on shares of Apple (AAPL), this morning raised his price target to $590 from $545, after lifting his estimate for iPhone unit sales this quarter and for the full year to reflect the addition of carriers offering the device, including China Telecom (CHA) where the phone will go on sale March 9th,” Tiernan Ray reports for Barron’s.

“For the current quarter, the fiscal Q2 that ends in March, Bachman estimates Apple may sell 29 million units, up from a prior 28 million-unit estimate,” Ray reports. “For the year, he’s modeling 120 million units, up from 118.5 million. Bachman also raised his estimate for fiscal 2013, to 156.3 million iPhones sold from a prior 153.5 million.”

Ray reports, “The result of the new model is that Apple’s smartphone growth will outpace the overall smartphone market this year, with the iPhone’s sales rising at at 1.1 times the pace at which the smartphone market overall expands this calendar year, and 1.5 times in 2013, as it takes away market share.”

Read more in the full article here.


  1. What I find interesting is that Americans have NO idea that this is a Canadian bank. BMO = Bank of Montreal. Like ALL Canadian banks over the last 10-20 years, they have changed their names to Acronyms so as to be able to buy up American Banks and be involved in the US/Global monetary system and leave Americans thinking that they are still buying or using an American monetary system/ bank. ALL Canadian banks… ALL… have switched to Acronyms as their names. CIBC = Canadian Imperial Bank of Commerce; TD Waterhouse = Toronto Dominion Bank / Waterhouse. (They bought out Price Waterhouse at some point in the past). RBC FInancial – Royal Bank of Canada. And it goes on and on. In the crash of 2008-2009.. Canadian Banks bought up LOTS of US banks…. which is why this headline is BMO…. a Canadian Bank, FYI -RC

  2. All these Canadian banks have shareholders resident in the United States. The CIBC was a merger between the Canadian Bank of Commerce and the Imperial Bank of Canada. The TD was a merger between the Bank of Toronto and the Dominion Bank of Canada. This is the one hundredth anniversary of the war of 1812, in which Toronto, then York, was burned. What has all this got to do with the trajectory of Apple stock, which is finally back up to a P/E of around 15? On a forward earnings basis the last number put out was around 8, so that would represent a doubling to around $1,100 USD. For that to happen, how long must we wait, that is the question of the day.

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