Broadpoint Analyst Raise AAPL Target Price to $260

Broadpoint.AmTech analyst Brian Marshall raised his target price for Apple's stock on Monday from US$235 up to $260 based December quarter iPhone sales estimates that he thinks will come in well above Wall Street projections.

Mr. Marshall expects Apple will sell about 11.3 million iPhones for the quarter. The Wall Street consensus, however, is targeting 8.8 million iPhones, according to Barrons.

He also expects U.S. iPhone sales will drop 20 percent sequentially to about 2.5 million units, but that international sales will more than double for the quarter up to about 8.8 million units.

Along with his new $260 target price, Mr. Marshall is maintaining his "Buy" rating for Apple's stock. Apple is currently trading at $212.72, up 3.68 (1.76%).