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Analysts upgrading AAPL

Susquehanna Financial’s Jeff Fidacaro: To $335 from $325.

Kaufman Bros.’ Shaw Wu: To $340 from $320.

Piper Jaffray’s Gene Munster: To $348 from $340.

Caris and Co.’s Robert Cihra: To $325 from $310.

Morgan Stanley’s Katy Huberty: To $332 from $310.

International Strategy & Investment Group’s Abhey Lamba: initiate with $320.

Cowen’s Matthew Hoffman: initiate with $326.

At yesterday’s closing price Apple was trading at a 12-month trailing P/E multiple of 23 despite revenue growth that may exceed 50% and EPS growth that may exceed 70%.

Using the highest target of $348 price target as an example, it prices the shares at a P/E of less than 30 times the most recent 12-month earnings which does not take into account the contributions from the iPad.

Apple is on track to report three consecutive quarters of record revenue and earnings (beginning with the June quarter) and current analyst price targets do not reflect the current and anticipated rates of revenue and earnings growth.

Analysts scramble to raise AAPL targets – Apple 2.0 – Fortune Tech.