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    Apple: Canaccord Ups Target; Sees Strong iPod, iPhone Sales

    apple logoCanaccord Genuity analyst T. Michael Walkley this morning pounded the table on Apple shares, repeating his Buy rating and boosting his price target to $500 from $4.85. He also lifted his FY 2011 EPS forecast to $24.62, from $24.31; for FY 2012 he goes to $29.30, from $26.97.

    "Our June channel checks indicated strong sell-through trends for both the iPhone and iPad," he writes in a research note. "Based on solid demand trends for iPhone/iPad, poor sell-through trends for competing tablet offerings, and the ramping iOS ecosystem driving longer-term replacement sales, we believe Apple will maintain dominant value share of both the tablet and smartphone markets to drive healthy long-term earnings growth."

    Walkley says the iPhone was the best-selling smart phone in June at both AT&T and Verizon, and describes iPad 2 sales as "very strong."

    The analyst raised his calendar 2011 iPhone sales forecast to 77.3 million from 75.5 million; for 2012 he now sees 100.2 million, up from 94 million. He also lifted his 2012 iPad unit forecast to 55.1 million, from 53.8 million.

    AAPL this morning is down $3.60, or 1%, to $353.60.

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