Analysts Ratings: Bank of America Corp (NYSE: BAC) Analysts Raise Price Target on Apple, Inc (NASDAQ: AAPL)
Copyright by American Banking News
May 30th, 2010
http://www.americanbankingnews.com/2010/05/30/bank-of-america-corp-nyse-bac-analysts-raise-price-target-on-apple-inc-nasdaq-aaplbank-of-america-corp-nyse-bac%E2%80%99s-merrill-lynch-division-analysts-raised-their-price-target-on-shares/
Filed Under: Analysts Ratings
Bank of America Corp (NYSE: BAC)’s Merrill Lynch division analysts raised their price target on shares of Apple (NASDAQ: AAPL) on Friday from $300.00 to $325.00 and maintained their “buy” rating on the company.
The analysts said that shares of Apple make for a strong valuation play given the recent correction.
The analyst raised his FY10 earnings per share estimate on Apple from $13.19 to $13.84, his FY11 estimate from $14.15 to $17.00 and his FY12 estimate from $15.36 to $19.26. The consensus estimate is currently looking for FY10 earnings per share of $13.32 and FY11 earnings per share of $15.43. The analyst raised his FY10 forecast for iPad’s from 2.5 million to 3.7 million and his FY11 estimate on iPhones from 37.5 million to 43.5 million.
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