Canaccord Genuity Reiterates on Apple on Positive Outlook

In a report published Thursday, Canaccord Genuity analyst T. Michael Walkley reiterated a Buy rating and $580.00 price target on Apple (NASDAQ: AAPL).

In the report, Canaccord Genuity noted, “Our October/November U.S. carrier and global surveys indicated very strong iPhone 5s sales with improving levels of supply, steady iPhone 5c sales, and very strong initial sales of the new iPad Air. However, our global supply chain analysis and surveys post the iPad mini with retina display launch on November 12 indicated the new iPad mini is supply constrained and is expected to remain so throughout the December quarter. Given these trends, we anticipate a more favorable Dec Q iPhone/iPad mix for Apple towards the higher-ASP iPhone 5s and iPad Air versus iPhone 5c and iPad mini. For F2014/15, we believe a TD-LTE iPhone launch with the world's largest carrier China Mobile could bolster March quarter sales and offset some of the post-holiday seasonal trends in western markets. We also believe the continued large share buyback program should contribute to a return to EPS growth in F2014/15. We reiterate our BUY rating and $580 PT.”

Apple closed on Wednesday at $520.63.