Analysts raise targets on Apple post Q2 results

At least three brokerages raised their price targets on Apple Inc (AAPL.O) Wednesday, a day after the company posted stellar quarterly profit on record iPhone sales, and forecast strong third-quarter revenue.

"Altogether Apple is executing exceptionally well across all product segments and geographies and has given us increased confidence in the company's long term growth outlook," Thomas Weisel Partners said.

Deutsche Bank, which raised its price target to $350 from $325, said robust iPhone and Mac demand, international expansion and new product cycles should drive continued momentum.

Apple projected revenue of $13 billion to $13.4 billion in the June quarter and earnings-per-share between $2.28 and $2.39.

Barclays Capital said the third-quarter EPS forecast was "quite conservative" and sees more new products including a major iPhone upgrade cycle later in the year.

The company sold 8.75 million iPhones in the March quarter — more than double the figure of a year ago and way above estimates — driven by strong, broad-based, international demand for the smartphone, some of it due to the addition of new carriers in key overseas markets.

Apple's ongoing shift to aggressive pricing is expected to maximize the company's revenue opportunity across all product segments, notably in the nascent tablet segment where it will enjoy a clear first mover advantage with iPad, Thomas Weisel said.

Deutsche Bank raised its iPhone estimates to 41 million from 37.8 million units in 2010 and to 50 million from 46 million for 2011.

Barclays raised its price target on Apple's stock by $15 to $315, while Thomas Weisel raised it to $320 from $300.

All three brokerages maintained their top rating on Apple.

Shares of Apple which have risen 16 percent this year, were up 5 percent at $257 in pre-market trade. They closed at $244.59 Tuesday on Nasdaq.