Gleacher Raises AAPL Target to $450 Following Earnings Report

Apple gets another target boost.Apple reported record breaking numbers again during its second fiscal quarter earnings report on Wednesday, and now Gleacher & Company analyst Brian Marshall is raising his target price for the company’s stock up to US$450. Apple reported $24.67 billion in revenue for the quarter, along with $5.99 billion in profit, and 18.65 million iPhones sold.

“Sometimes we have to step back from our AAPL financial model and simply shake our heads in awe,” Mr. Marshall said. “It is amazing how it developed over the years.”

Along with selling over 18 million iPhones, Apple also pushed 3.76 million Macs for the quarter, and 4.69 million iPads. Last quater’s iPad sales were higher at 7.33 million, but this quarter also included the transition to the new iPad 2.

Mr. Marshall is predicting Apple will bring in $111.4 billion in revenue for calendar year 2011, with $27.90 EPS.

Mr. Marshall is modeling $132.5 billion in revenue for Apple during calendar year 2012, with $40.9 billion in profit and the iPhone accounting for about 46 percent of the company’s total sales.

“To put this into perspective, over [the iPhone’s] five-year timeframe, Apple will have grown its revenue base more than three-fold while simultaneously more than quadrupling its operating profits,” he said.

Mr. Marshall is maintaining his “Buy” rating for Apple’s stock, and has a new target price set at $450. Apple is currently trading at $351.39, up 8.98 (2.62%).