Apple shares were up on Tuesday, a day after the electronics maker reported its latest quarterly results.
Shares were up $7.53 or 3.71 percent at 2:26 p.m. EST. Yesterday during market hours, Apple gained $5.12 as investors anticipated stellar earnings results for its latest quarter. When it reported earnings after the market closed, its shares gained about $2.60 in after-hours trading. Apple is currently trading at $212.37.
Deutsche Bank’s price target for Apple was steady $250, according to research released today by analyst Chris Whitmore. He expects Apple to continue its strong performance on robust demand for the iPhone and Mac, international expansion, and sales of new products such as the company’s anticipated tablet.
Credit Suisse raised its price target today from $250 to $275, according to TheStreet.com. Barclays raised its price target to $265, and Goldman Sachs was at $230.
Apple reported revenues of $15.7 billion and an earnings per share of $3.67 for the quarter, up from $2.50 a year ago beating expectations of $2.07. Mac sales were up 33 percent year-on-year, with desktop sales up 70 percent.
Although the 21 million iPod sales figure was down year-on-year and missed expectations, the iTouch, which cannibalized iPod sales, was up 55 percent year-on-year.
The risks for Apple, according to Deutsche Bank research, include “slower consumer spending, price pressure in PCs and faster-than-expected saturation of the MP3 market.”