Evercore raises Apple cost aim to $750 on new dividend, iPad momentum

By Josh Ong

Published: 11:00 PM EST (08:00 PM PST)

Evercore Partners researcher Rob Cihra has lifted his cost aim for shares of Apple to a record $750 in light of a company’s new quarterly division and clever iPad demand.

Apple’s batch strike a new miracle on Monday when it sealed past a $600 mark. The swell came after Apple announced earlier in a day that it was initiating a division of $2.65 per share and a share repurchase program.

The Cupertino, Calif., association also suggested a good news on Monday that sales of a new iPad during a new launch weekend surfaced 3 million. Executives have indicated that they are “thrilled” with a record weekend.

In a note to investors, Cihra called a 1.8 percent produce “modest,” while presaging that it will “help broaden” Apple’s financier base. He characterized a company’s share repurchase module as “long overdue.” The researcher noticed a announcements as suggestive since Apple “at slightest pennyless a seal.”

“Even factoring in a new division and tiny buybacks, we indication Apple exiting CY13 with net money entrance $180B or $190/share, withdrawal room for todays initial payout metrics to expand,” he said.

Cihra, a five-star rated researcher according to Starmine, lifted his guess for initial entertain calendar 2012 iPhone sales from 30 million to 32 million units. He also lift his iPad guess from 10 million to 13 million on “strong initial uptake.”

The investment bank advisory organisation forked to an “upside in movement out of a gates” as a reason for a boost in a iPad estimate. For calendar 2012, Evercore now expects sales of 66 million, adult from 59 million.

Cihra combined that he continues to “see prospects for a singular mid-cycle iPad refresh” entrance around September. The refurbish could move a introduction of a quad-core A6 processor and a “new smaller 8-inch model,” he wrote.

The organisation reiterated a Overweight and Top Pick ratings for Apple and lifted a cost aim to $750 from $650.

With Apple mountainous scarcely 20 percent in a final month alone, analysts have been scrambling to adjust their cost targets. Earlier in March, FBN Securities set a high with a cost aim of $730. Last week, Morgan Stanley lifted a cost aim to $720, and Piper Jaffray upped a possess to $718.

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