Wall Street Reacts Favorably to Last Weekend's New iPad Sales
As MMi reported Monday morning, the iPad mini and 4th generation iPad combined for 3 million sales during their opening weekend of availability.
The news was sufficient enough to give shares of Apple a small boost after a recent wave of selling that has driven the price of AAPL down significantly from its record high seen in September. Analysts also appeared encouraged by the news.
Keith Bachman with BMO Capital Markets says Apple shares will bounce back from their preset $584 level to a $730 price target maintained by Bachman. J.P. Morgan’s Mark Moskowitz maintains an Overweight rating on Apple shares and a $770 price target.
Brian White of Topeka Capital is way ahead of his contemporraies, calling for an $1,111 price target. “Overall," White says, "we believe this is a strong print and greater supply of the iPad mini would have allowed for greater sales.”
A majority of industry watchers and Wall Street analysts predict that Apple will sell at least 35 million (if not substantially more) iPads (minis and regular sized models) during this holiday quarter.