Analyst Raises AAPL Price Target to $374

| Apple Stock Watch

Kaufman Bros analyst Shaw Wu has bumped his price target for shares in Apple Inc. from $350 to $374. In a research notice covered by Fortune, Mr. Wu told clients that iPad was strong, and that increased availability was, “enough to drive significant upside to consensus estimates.”

Mr. Wu also believes that Apple is experiencing some cannibalization of its MacBook line by the iPad, but that this was being offset by strong sales of the MacBook pro.

The analyst is also sanguine about iPhone sales, telling clients he sees “little to no impact from antenna concerns,” and he thinks that the new iPod touch, nano, and shuffle introduced on September 1st should also drive iPod sales.

In the mid-afternoon trading session, AAPL was trading in record territory at $282.70, up 7.33 (+2.66%), on strong volume of more than 17 million shares trading hands. The current closing high is $276.57, set on Thursday, September 16th, 2010.

*In the interest of full disclosure, the author holds a small share in AAPL stock that was not an influence in the creation of this article.  

No Comments

Log-in to comment