Apple

[Grieve]

Below are some of the upgrades for Apple today (it's at around $199 right now). If it reaches $256 a share, it will have a higher market cap than Micro$oft. It already has a higher market cap than Google, IBM, AT&T, Cisco, Intel, Oracle, and basically everyone else except MS.

I dumped my GE and bought more AAPL this morning.

Gene Munster, Piper Jaffray: Overweight rating; target to $277, from $235. He notes that “Apple can’t build enough phones to meet demand.” His FY September 2010 EPS estimate goes to $6.86, from $6.01.
Toni Sacconaghi, Bernstein Research. Overweight rating; target to $230, from $210. He writes that iPhone econonics “continue to astound,” with cash ASPs up about $60 sequentially to over $600, with 60% gross margins. He notes that unlike, say, Research In Motion (RIMM), profitability is increasing as they gain market share. His FY 2010 cash EPS estimate climbs to $8.28, from $7.59.
Charlie Wolf, Needham: Strong Buy; target remains $235. FY 2010 EPS to $7.30 from $6.70.
Samuel Wilson, JMP Securities: Market Outperform; target to $220, from $200. FY 2010 to $7.10, from$6.86. He contends the stock can continue to outperform, driven by expanding iPhone footprint, including China.
Brian Marshall, Broadpoint.Amtech: Buy rating; target to $235, from $210. Nice headline on his note: “Do you like Aples How do you like them Apples?”
Richard Gardner, Citigroup: Buy rating; target to $250, from $196.
Oppenheimer, Yaier Reiner: Outperform; target to $235, from $210.
Phil Cusick, Macquarie: Outperform; target to $250, from $220.
Clyde Montevirgen, Standard & Poor’s: Buy; target to $220, from $200.
Peter Misek, Canaccord Adams: Buy; target to $250, from $200.
Tavis McCourt, Morgan Keegan: Outperform; says stock at $250-$260 “looks reasonable.” Sees GAAP gross margins trending up to the 40% range over the next year.
Robert Cihra, Caris & Co.: Buy; target to $265, from $235. Says that “somebody forgot to tell Apple about the recession.”
Keith Bachman, BMO Capital: Outperform; target to $245, from $210.
David Bailey, Goldman Sachs: Neutral rating; target to $210, from $195. Contends that most of the stock’s continued strong performance has been priced into the shares.
Doug Reid, Thomas Weisel Partners: Overweight; target to $245, from $210.
Andy Hargreaves, Pacific Crest: Outperform; target to $260, from $190.
Ben Reitzes, Barclays Capital: Overweight; target to $235, from $208.
Chris Whitmore, Deutsche Bank: Buy; target to $250, from $225.