Stifel Nicolaus analyst Doug Reid thinks Apple’s Mac, iPhone and iPad sales are on the rise, and his 12 month traget price for the company’s stock is climbing, too, up to US$390, according to the Wall Street Journal.
Mr. Reid said that his new target price “reflects higher iPad, iPhone and Mac units assumptions and slightly lower assumptions iPod estimates, as well as a slight increase in our gross margin assumption.”
Apple has been doing a good job of making it easy for analysts to expect continuing strong sales. The company has run through a series of record breaking quarters, strong iPad and iPhone sales, and increasing Mac sales. The latest iPod touch and the recently released second generation Apple TV are proving to be popular sellers, too.
Other analysts are sharing Mr. Reid’s expectations for Apple’s product sales, and especially iPad sales. Canaccord Genuity’s Michael Walkley recently upped his iPad sales projections for the December quarter up to 6.3 million units, and Piper Jaffray analyst Gene Munster called the iPad “the Mac of the masses.”
Mr. Walkley set his target price for Apple’s stock at $421, Mr. Munster’s is currently at $431.
Apple is currently trading at $317.94, down 0.27 (-0.08%).