Merrill Lynch reiterates ‘Buy’ rating on Apple, ups target
Friday, May 23, 2008 - 09:32 AM ESTMerrill Lynch analyst Jeff Fidacaro today upped his price target on Apple (AAPL) from $186 to $215.
In a note to clients, Fidacaro writes that he expects Apple's iPhone to take even more market share, citing subsidies from some carriers which could significantly boost adoption of the revolutionary mobile device.
Fidacaro writes, "Since Apple reported its earnings in April, wireless carriers have announced a significant number of agreements. Our updated analysis shows that Apple increased its total addressable handset market by more than 3.5X from 148 million potential subs to 550 million (including only countries where carriers have announced agreements)."
Fidacaro raised his EPS estimate for Apple's 2009 fiscal year to $6.45 from $6.40 and upped FY2010 to $8.54 from $8.00.
He increased his FY2009 iPhone unit estimate from 15.5 million to 20 million and his FY2010 estimate from 25 million to 30 million units.
[Thanks to MacDailyNews Reader "Judge Bork" for the heads up.]
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Enjoy the stock price bump. One day soon another "analyst" will write something to drive it back down. Then it'll go up again after that. One thing is certain...aapl shareholders get their money's worth on the roller coaster ride. Buy the dips if you can.