Goldman Sachs (NYSE:GS) has upgraded Apple’s (NASDAQ:AAPL) target price from $480 to $520, chiefly because iPad sales for this quarter are expected to increase to 13.05m from the previously estimated 12.7m. iPhone sales are estimated unchanged at 16.92m in the current quarter are expected to increase from 26.3m to 26.8m in the next quarter.
Hot Feature: Report: Apple to Launch iPhone 5 Next Month, Stock Up 1%.
The seemingly unstoppable Apple, global downturn or not, is expected to unveil the next iPhone on October 4th.
Goldman’s Bill Shoppe, while reiterating a “Conviction List” Buy rating on the shares, observed that the current global macroeconomic malaise is having little impact on Apple’s business. “Apple’s momentum appears even more resistant to macroeconomic pressures than we previously realized,” writes Shoppe, “and we believe the stock has significant upside from current levels – even after recent outperformance.”
Investing Insights: Steve Jobs Prepares to Deliver a New Catalyst for Apple’s Stock.
Apple’s (NASDAQ:AAPL) stock closed at $412.14 today, down 0.32%. Shares are up 27.77% year to date. The stock’s trading range for the year is between $275 and $422.86.