BMO Capital Boosts Price Target and Estimates on Apple (AAPL)

BMO Capital was the latest firm to raise estimates and its price target on Apple (NASDAQ: AAPL), citing what else but higher iPhone sales.

The firm raised FY2012 EPS estimate from $42.03 to $42.33 (consensus of $42.71) and our FY2013 EPS estimate from $48.80 to $49.55 (consensus of $47.47). The price target was lifted its price target from $545 to $590.

BMO is raising iPhone unit estimates for the March quarter, FY2012 and FY2013. For the March quarter, they are raising iPhone unit forecast from 28.0 million to 29.0 million, driven by strength in China with the launch of the iPhone 4S at China Unicom in January and China Telecom in March. For FY2012, they are raising iPhone unit forecast from 118.5 million to 120.0 million, or 66% y/y growth, at an ASP of $632 (no change). For FY2013, they are raising iPhone unit assumption from 153.5 million to 156.3 million, or 30% y/y growth.

"Apple will continue to gain share in developing markets, such as China, where Apple is expanding distribution points and the upgrade from feature phones to smartphones continues to grow, which provides upside tension to our estimates," analyst Keith Bachman said. He is maintaining his Outperform rating.

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $522.41 yesterday.

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