Apple (AAPL): Toby Smith stays bullish

Toby Smith has been a long-standing bull on Apple (NASDAQ: AAPL) and despite its strength, he remains bullish. In his ChangeWave Investing, he explains, "Apple recently beat Wall Street targets with a 67% rise in its quarterly profit, led by strong sales of its Macintosh computers and a big first full quarter from the iPhone."

Smith continues, "Apple's net profit was $904 million, or $1.01 per share, for its fiscal fourth quarter, compared with $542 million, or 62 cents per share, in the year-ago period. Revenue was $6.22 billion, up 29% from $4.84 billion a year earlier.

"The results handily beat the Street's average targets of 85 cents per share earnings and $6.06 billion in revenue. Apple also forecast fiscal first-quarter revenue of $9.2 billion, ahead of the $8.7 billion average Wall Street target.

"iPhone sales of 1.12 million were toward the high end of a range of forecasts given by three analysts in research notes, according to Reuters estimates. Apple shipped 2.2 million Macintosh computers during the quarter, a figure that also topped analysts' estimates. iPod sales of 10.2 million fell just short of analysts' estimates of 10.5 million to 11 million for the period.

"Our ChangeWave Alliance research is on target again. We've seen strong sales for Mac computers for a while now and strong satisfaction ratings for the iPhone. Our target of $225 looks better and better every day."

Each day, Steven Halpern's TheStockAdvisors.com features the latest investment commentary and favorite stocks of the nation's leading financial newsletter advisors.

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