Apple (AAPL) Nears $700, FBN Ups Target to $1,000 by TechStockProspector


Apple shares approach the $700 level ahead of the launch of the iPhone 5

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									Robert DeFrancesco’s
September 14, 2012

Apple (AAPL) Nears $700; FBN Boosts Target to $1,000
NOW AVAILABLE: The September 2012 issue of Tech-Stock Prospector is available
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Here are some of the topics covered in the September 2012 issue:

*Google & Facebook seek growth in mobile
*Bazaarvoice captures the social chatter
*Ciena bets on ramping bandwidth demand
*Electronic Arts pivots for a turnaround
*Akamai Technologies holds a secret growth weapon
*Figuring out a realistic valuation for Yahoo
*Zillow attracts a record number of Web & mobile users
*Cisco Systems battles to stay relevant to investors
*Behind the sharp rebound in Aruba Networks shares
* builds up its new Marketing Cloud
*Why some big investors like Jive Software
*ExactTarget delivers the right message
*Intel trims guidance on weak PC demand
*Fusion-IO offers bullish fiscal 2013 revenue outlook
*Deal Report: The next big enterprise tech IPO

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Apple (AAPL, $691.28) shares today managed to hit a new high at
$696.98, propelled by strong pre-sales of the iPhone 5. The handset
launches at retail a week from today.

Some analysts think Apple will be able to sell 8 million to 10 million iPhone 5s by
the end of the September quarter. Many analysts are estimating at least 5 million
iPhone 5 units will be sold in this period.

FBN Securities raised its Apple price target to $1,000 from $800 because the firm
now estimates iPhone unit sales for the September quarter will reach 29 million, up
from its previous estimate of 24 million. For fiscal 2013, FBN looks for iPhone unit
sales to reach 174 million, up 16% from the previous forecast.
Apple trades at 13 times the fiscal 2013 (ending Sept.) consensus EPS estimate of
$52.81, below the expected growth rate of 19.5%. The consensus estimate for next
year has been trending up over the past few weeks; it stood at $52.50 in the middle
of August. The high estimate stands at $63.50.

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Tech-Stock Prospector Managing Editor Rob DeFrancesco has more than 20
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