Like other analysts, Mad Money's Jim Cramer was pleased with Apple's fourth quarter earnings report, so he bumped his twelve month target for the company's stock from US$264 up to $300. He expects Apple will eventually dominate the cell phone market, too, just as it has done in the MP3 player market with the iPod, according to TheStreet.com.
Apple reported record Mac and iPhone sales for the September quarter with 3.05 million Macs, 7.4 million iPhones, and 10.2 million iPods sold. GAAP revenue for the quarter was $9.87 billion, and profits were $1.67 billion, or $1.82 earnings per share. Non-GAAP revenue was $12.25 billion, while non-GAAP profits were $2.85 billion.
Mr. Cramer isn't the only analyst that's excited about Apple's prospects. UBS analyst Maynard Um raised his target price to $280, and Broadpoint AmTech's Brian Marshall pushed his target price up to $235.
"In our view, Apple is the best technology company on the planet with numerous catalysts on the horizon," Mr. Marshall said.
Demand for Apple's products is so high that the company is having trouble keeping up, and that's a big plus in Mr. Cramer's book. "Where else in this recession-ridden economy are there shortages for high-end devices?" he said.
Apple is currently trading at $201.42, up 2.45 (1.23%).
Cramer Raises AAPL Target to $300
Jeff Gamet 4 Observer Comments
I’m definitely pleased with Apple’s current performance although it took a two-year detour along with the rest of the market although it shouldn’t have. I’m hoping for $215 to $220 by the end of the year. It seems doable with the China Unicom deal, the newest iPod Nano and those gorgeous new 27” iMacs. I’m sure that anyone who sees one in an Apple store would have to have one.
I don’t know why Apple doesn’t release a feature phone/iPod. They have a wide price point range on iPods, why not do the same for the phones? Millions upon millions of kids who can’t afford an iPhone would buy an iPod phone in a heartbeat. Then they’d really send Nokia reeling.
Partially because Apple would probably steal sales from itself and this would dilute the value of developing for the iPhone platform. Developers like that their applications will work on just about any model iPhone or iPod Touch.
If Apple releases a different phone, I suspect it will not run third party applications.
I don’t know why Apple doesn’t release a feature phone/iPod. They have a wide price point range on iPods, why not do the same for the phones? Millions upon millions of kids who can’t afford an iPhone would buy an iPod phone in a heartbeat. Then they’d really send Nokia reeling.
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When doing a story about Jim Cramer the copy should be all bold
Joking aside, I am pleased with the current value of my Apple stock.