Piper Jaffray raises Apple price target to $429

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Piper Jaffray raises Apple price target to $429

Piper Jaffray has raised the price target on shares of AAPL to US$429 following yesterday's financial report from Apple. The company posted its first $20 billion quarter, beating expected earnings.



In addition, Piper Jaffray raised FY11 revenue growth rate from 24% to 32%. In a note to clients issued today, Jaffray said, "While shares of Apple may pull back today (10/19), we would be buyers based on our belief that investors will gain optimism over the next three months that the growth story will continue."



Indeed there was a bit of a pullback, as AAPL dropped 5.6% in after-hours trading on Monday. The stock fell to $299.70, down $18.30 (-5.75%), within two hours of yesterday's announcements. The drop was blamed on iPad sales of 4.1 million; more were expected.



For more Apple financial news, look here.

Piper Jaffray raises Apple price target to $429 originally appeared on TUAW on Tue, 19 Oct 2010 12:00:00 EST. Please see our terms for use of feeds.

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