BMO Capital analyst Keith Bachman has raised his price target on Apple shares by US$5 to $460 after raising his estimates for iPhone sales based on what appears to be strong uptake at Sprint-Nextel and Japan’s KDDI, reports “Barron’s” (

Bachman has upped his forecast for iPhone unit sales from 28 million to 29.5 million — with potential for as many as 32 million. “Based on our conversations with Sprint sales reps, we believe that Apple is benefiting from material upgrades of Sprint subscribers,” he says.