Argus Raises Price Target for AAPL to $415

Analyst Jim Kelleher of Argus research upped his price target for shares in Apple Inc. Friday to $415 per share, up from $375. In a research note obtained by, Mr. Kelleher told clients that he was raising estimates based on an expected increase in sales of the iPad 2.

$415 per share is on the low side of Wall Street 12-month price targets. Most estimates are currently in the $450 range (consensus is $446), while on the high side analyst Brian White has a price target of $612, as we reported earlier on Friday.

Mr. Kelleher noted that Apple’s Mac sales slipped sequentially more than he had modeled for — Apple historically sells more Macs (and other products) during the December quarter, but Mr. Kelleher had previously modeled Mac sales that were even higher than the record Mac quarter the company turned in for the March quarter on April 20th.

Apple also turned in much lower iPad sales for the quarter than had been expected, but Mr. Kelleher believes that the iPad 2 will have a similar trajectory as the iPhone, with sales climbing as the company rolls the device out around the planet.

Mr. Kelleher reiterated his “Buy” rating on AAPL.

Shares in AAPL closed at $350.13, up $3.38 (+0.97%), on heavy volume of 35.9 million shares trading hands.

*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.