Analyst Doug Reid of Stifel Nicolas raised on Thursday his price target on Apple’s (AAPL) stock to $360 from $350, and lifted his EPS estimate for the Sept. 2010 fiscal year to $14.66, from $14.41. For fiscal 2011, he projects $17.78, from $16.73.
Among the reasons Reid gave for raising his estimates and pps target were:
– Checks find iPad and iPod shipments tracking ahead of prior estimates.
– He has “increased confidence” in the longer term growth outlook for the iPad following recent competitive product announcements that “appear less menacing for Apple’s competitive position than we previously feared.”
Reid also said that one of the factors benefiting Apple remains the co.’s “Higher shipment assumptions for iPhone based on strong data from China and favorable channel checks in the U.S. and Europe.”
Shares of Apple Inc. were down $3.68 on 13 mln volume, or 1.29%, to $283.66 at 12:13pm ET on Thursday. AAPL shares have traded between $180.70 and $294.73 over the last 52 weeks.