Apple Inc (AAPL)

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Goldman Sachs Raises Estiamtes on Apple (AAPL) Following iPad 2 Unveiling

March 3, 2011 7:40 AM EST

Goldman Sachs analysts reiterated a Conviction Buy List rating on Apple Inc. (NASDAQ: AAPL) with a 12-month price target of $450 after CEO Steve Jobsshowed off the company's second-generation tablet on Wednesday.

Goldman analysts said, "The new device offers significant upgrades from the prior version, which we believe should provide an early line of defense against the wave of tablet competitors arriving in the coming months.While these features were largely in line with expectations, the new iPads will ship earlier than the widely anticipated late-March/early-April time frame. We are maintaining our unit estimates due to our view that the iPad 2 will accelerate Apple's competitive momentum in tablets."

The firm also raised its estimates for the full year 2011-13, now seeing revenues this fiscal year of $100.4 billion and EPS of $23.29, up from $99.37 billion and $23.07.

For 2012, Goldman sees revenue of $122.68 billion and EPS of $28.61, up from a prior view of $119.79 billion and $27.98. In 2013, Goldman sees Apple with revenues of $134.85 billion and EPS of $31.32, up from $131.63 and $30.56.