My Apple Shares Price Target Now: Market Pro
According to research, Apple's iPod Touch app downloads jumped more than 1000 percent on Christmas day. It was also the first time Touch programs overtook those of the iPhone. Will Apple be the superstar stock of 2010? Phil Cusick, managing director at Macquaire Research, shared his ideas.
“We continue to like the stock and we have a $250 target on it,” Cusick told CNBC.
Cusick said the two main drivers for Apple in 2010 will be the new tablet, expected to be announced in January, and the iPhone entering into more channels.
“What drives the stock like this is the ability to continue to beat and force people to raise numbers,” he said. “So we’re looking for nearly $12 in earnings in 2010 and with the tablet, you can see another 50 cents to $1 and more from the iPhone.”
Cusick expects Apple’s revenue to grow by 25 percent, with $12 earnings per share in 2010.
“Three years from now, I would say you’re looking at the premium media-driven hardware company and they continue own the high-end device,” he said.
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No immediate information was available for Cusick or his firm.