“Among a raft of positive Apple notes this morning, Scott Sutherland of Wedbush Securities reiterated an Outperform rating on the shares while raising his price target to $885 from $800, after raising estimates for this year and next to reflect the introduction of the iPhone 5 on September 12th, and the prospect of both a smaller iPad, in the first fiscal quarter, and a television set from Apple,” Tiernan Ray reports for Barron’s.
Sutherland “increased his estimate for the fiscal year that ends this month to $156.6 billion in revenue from a prior $155.9 billion, and to $44.04 in EPS from a prior $43.68 per share,” Ray reports. “Sutherland sees the ‘iPad Mini’ coming in the December quarter, and a television set in 2014: ‘Product pipeline remains robust with mini iPad on deck then Apple TV. We have long held the belief that providing a range of screen sizes to satisfy consumer choices makes the most sense in the connected device world. In addition, we believe it is in Apple’s best interest to close the door on the lower end smaller form factor table market. We now expect Apple to introduce a smaller iPad, the iPad Mini, next quarter. We are thus increasing our iPad unit estimates for FY13 to 94.2 million from 90.8 million, but moderately lowering our ASP assumptions. We also expect the iTV (integrated TV) to feature a new user interface and compatibility with the iCloud to be introduced in 2014.'”
Read more in the full article here.
[Thanks to MacDailyNews Reader “Arline M.” for the heads up.]