“Just a week after Credit Suisse cut its earnings estimates on Apple, the investment bank reiterated it is still confident in the long-term outlook of the company,” Chris Ciaccia reports for TheStreet.
“Analyst Kulbinder Garcha hosted a conference call with Apple’s CFO Peter Oppenheimer and came away from the call confident, noting ‘there are several longer term growth drivers that exist for Apple,'” Ciaccia reports. “He reiterated his ‘overweight’ rating and $600 price target.”
Ciaccia reports, “Oppenheimer quoted data from IDC, noting that 45% of smartphones sold are now over $400 and, though the low-end market is growing faster than the high-end, the high-end market is still growing. There is also the ability for Apple to add new carriers as it moves into new markets. Garcha estimates that Apple can add 65 million iPhone units through carrier expansion alone… By addressing additional emerging markets, this could spur an additional $90 billion in revenue and $21 per share in earnings by 2015.”
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