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Apple Target Raised to $740

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Prior to Apple’s (AAPL) Q2/F2012 results Canaccord Genuity technology analyst Michael Walkley reiterated his BUY rating on the company and raised his price target to $740 from $710. Mr. Walkley said:

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“Based on strong global iPhone sales and the successful launch of the new iPad, we believe Apple will post strong Q2/F2012 results. . . We maintain our belief Apple is well positioned for strong sales and earnings growth driven by new product introductions across its portfolio.”

However, he added, “Our recent channel checks indicated iPhone sell-through share has modestly declined in certain developed markets, and we expect this could continue as Android competitors ramp new smartphones during the June and September quarters and consumers start to hold off iPhone purchases in anticipation of the iPhone 5. . . However, we believe Apple’s potential smartphone share losses during the June quarter will prove temporary, as we anticipate very strong demand for an LTE iPhone 5 during the December quarter and a potential TD-SCDMA/TD LTE iPhone 5 in the March 2013 quarter.”

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