Piper raises Apple price target to $718 on higher iPhone, iPad share

“Piper Jaffray’s Gene Munster this morning reiterated an Overweight rating on shares of Apple (AAPL) and raised his price target to $718 from a prior $670, to account for upwardly revised growth rates for the smartphone and tablet markets,” Tiernan Ray reports for Barron’s. “Munster now sees Apple shipping more units, but also maintaining higher share of those markets than he previously thought.”
Ray reports, “Munster now expects Apple to sell 189 million iPhone units in calendar year 2013, up from a prior 162 million estimate, representing 23% market share, year over year, up from a prior expectation for just 20%.”

“On the tablet side, Munster now sees Apple’s iPad losing only minor share in 2013, versus a former expectation for a 12% loss,” Ray reports. “Munster estimates Apple may sell 86.5 million iPads in calendar 2013, up from a prior 75.5 million estimate, and 44% higher than 2012′s number. That would give Apple 60% of the tablet market, versus his prior estimate for 52% share… By 2015, Apple may still have 60% of the market, with 176 million iPad units sold.”

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