Credit Suisse analyst Bill Shoppe has raised his target price for Apple’s stock from US$275 to $300 on expectations that the iPad launch on April 3 will be a strong success, and that the company will also report a strong quarter ahead of iPhone sales, according to Yahoo! Finance.
“To put this in perspective, the March quarter typically represents Apple’s seasonal nadir, and our estimates would imply the March quarter of 2010 would be the second strongest quarter in company history,” Mr. Shoppe said.
Apple began taking pre-orders and reservations for the iPad on March 12, and will begin delivering the multimedia tablet on April 3. Some iPad pre-order customers have been reporting that they are already seeing preauthorization holds on their credit cards. Some buys have said via Twitter that their credit cards have been charged for their iPad purchases, too.
Mr. Shoppe also raised his earning estimates for the quarter that runs through the end of March from $2.27 up to $2.75 a share, and his revenue estimates are up from $11.45 billion to $12.26 billion.
Apple is currently trading at $231.04, up 4.39 (1.94%).