In a note to clients — as reported by “AppleInsider” (www.appleinsider.com) — Needham & Company analyst Charlie Wolf has increased his 12-month market price for Apple to US$750.
His new price target was driven largely by the iPhone, with a dollar-per-share value increase of $60.08 accounting for 42.4% of the increase. The value of the Macplatform was increased by $14.04 to $100.50, accounting for 13.4% of the projected share price, while the iPad grew $22.02 to $109.94, taking 14.7% of the forecasted value.
“The unique feature of our model is that the growth in Mac sales is driven solely by the halo effects emanating from the iPhone and iPad,” Wolf explained. “Changes in our forecast of iPhone and iPad sales, then, also impact Mac sales as well as software and peripheral sales.”
Wolf’s projections call for the iPhone to account for 22% of smartphone sales this year. The analyst believes believes the Mac’s marketshare will grow from 4.8% in 2011 to 11.3% in 2021. (It’s already above 10% in the U.S., so I’m assuming his Mac prediction is for global market share.)
— Dennis Sellers