Following the release of Apple (AAPL) earnings Canaccord Genuity technology analyst Michael Walkley reiterated his BUY rating on the company and raised his price target to $650 from $560. After noting the company’s record results due to iPhone, iPad, and Mac sales, Mr. Walkley said:

“We believe Apple is likely to announce a dividend during 2012, potentially next quarter when crossing $100B in cash and cash equivalents. We view this as very bullish for investors, as we believe a new group of investors seeking dividends would invest in Apple and drive shares higher.”

He added, “We believe Apple is well positioned for very strong [Calendar] 2012/13 sales and earnings growth driven by new product introductions, including the pending refresh of MacBook Air, the iPad 3 launching this spring, an LTE iPhone likely in [Third Quarter Calendar] /2012 and potentially Apple TV exiting [Calendar] 2012.”