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%).