FBN Securities has the latest, greatest price target on Apple shares, amid the new iPad ebullience.
NEW YORK (TheStreet) -- iPad sales aren't going to be the only thing Apple(:AAPL)-related following the launch of the new iPad. Its stock is getting a price-target raise to well over $700 per share.
FBN Securities Shebly Seyrafi raised his price target to $730 following the unveiling of the new iPad yesterday, as he raised his 2012 iPad estimates nearly 10%. He rates Apple outperform; $730 is the highest price target on Wall Street, besting Barclay's Capital Ben Reitzes, who has a $710 price target on Apple.
Seyrafi raised his iPad estimates from 56.2 million to 61.2 million, including 11 million units in Apple's second quarter, which ends in March. He raised his third-quarter estimate from 13 million units to 15 million units in light of the announcement.
He notes that the iPad met many of consumers' expectations with its enhancements, including Retina Display, 4G Long Term Evolution (LTE) capability, a new quad-core processor, code-named A5X, and a 5 megapixel back-facing camera that has 1080p video-recording capability. Seyrafi did make note of the fact that Apple did not include capability for Siri in the new tablet, although it does have voice recognition software.
Apple is still the top-rated stock on FBN's Focus List, as he expects 2012 and 2013 to feature several new products, including an LTE-enabled iPhone, as well as Apple's oft-rumored television set.
Apple shares are higher in Thursday trading, up 0.54% to $533.53.
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-- Written by Chris Ciaccia in New York
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