Morgan Keegan hikes Apple price target from $513 to $650

Morgan Keegan analysts today hiked their price target on Apple shares from $513 to to $650 after the world’s most valuable company reported mind-boggling numbers for fiscal Q1 2012.
“From a valuation perspective, we believe 15 times our calendar 2012 EPS estimate should be a reasonable valuation for Apple given what we believe should continue to be substantial double-digit EPS growth beyond 2012. This equates to a $650 price target,” Keegan analysts wrote in a note to clients.

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