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RBC ups its target price for AAPL to $425

David Quilty

It could be partly because of Apple's 71% year over year revenue growth reported in yesterday's first fiscal quarter 2011 earnings report, or it could be the result of the 17 million iPads shipped in 2010. But either way, Boy Genius Report just let us know that RBC Capital Markets has revised their Apple stock price estimate, raising it from last week's $395 to $425 today following the earnings report. They are expecting Apple's revenue for 2011 to come in at just a shade under $100 billion, and 2012 looks to come in at $108 billion.

With the first quarter showing Apple selling 16.24 million iPhones, 7.33 million iPads, 4.13 million Macs and 19.45 million iPods while revenue rose to $26.7 billion, 2011 looks to be off to a solid start -- and yet another year that I think back to 2005, when I could have bought Apple stock at around $65.

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