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Analyst raises his target on Apple's stock to $540 from $450

Posted: , by Alan F.

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Analyst raises his target on Apple's stock to $540 from $450
Needham and Co. analyst Charlie Wolf is raising his target on Apple's stock from $450 to $540. Wolf upgraded the stock on Friday, hours before S&P downgraded U.S. debt for the first time in history from AAA to AA+. Wolf increased the value that iTunes is adding to the worth of the stock by 82% to $27.52 as he cited the strength in app sales that other research firms are calling for. He forecasts that App Store sales will reach $13 billion by 2015 and is very bullish on Apple's strength in software distribution . The analyst also sees an increase of 51.6% in the value placed on the company as a whole by the Apple iPad, to $22.33 a share. Wolf told clients that the Apple iPad should capture a larger share of the tablet market than he previously was calling for. Apple closed Friday at $373.30 after dropping $3.75 for the day.

Apple's shares recently made a 52 week high above $404 after reporting strong Q3 earnings. But in the last week, the broad market has suffered from the political infighting that almost prevented the U.S. from reaching a new budget cap and which almost led to the U.S. defaulting on its debt. As it is, S&P downgraded U.S. debt after the close on Friday to AA+. Since Steve Jobs recaptured the CEO title, first on an interim basis from Gil Amelio on July 9th 1997, Apple's stock has risen 27 fold. Just 3 days ago, Apple was within $16 billion in market cap of surpassing oil giant ExxonMobile to be the world's most valuable company. Not bad for a firm that started in a garage.

source: Forbes

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posted on 08 Aug 2011, 01:37

1. Idontbuystock (unregistered)


I don't buy stock my friend lost over 50 grand on it and at the time he use to say that he could live on buying stock since he was so good with it well...

posted on 08 Aug 2011, 04:28 2

2. Yeeee (Posts: 190; Member since: 02 Aug 2011)


FU Miz

posted on 08 Aug 2011, 06:51

3. Droid_X_Doug (Posts: 5278; Member since: 22 Dec 2010)


$540 could happen in a few years. Right now there is a real risk of a double dip recession. Even Apple dropped back in late 2008 when the economy went into free-fall.

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