Needham & Co.’s Charlie Wolf this morning raised his estimates for Apple’s (AAPL) for last quarter and for the fiscal year ending this September on an expectation of higher iPhone sales.
Wolf, referring to “recent reports of blow-out iPhone sales,” no doubt referring to remarks by Verizon Communications (VZ) and by AT&T (T) in recent weeks, raised his estimate for last quarter’s iPhone shipments to 32 million from 28 million.
Consequently, he raised his FYQ1 EPS estimate to $10.85 per share from $9.55.
Wolf also sees the iPad getting “rapid adoption in non-consumer markets,” and so he took his December-quarter forecast up from 12.5 million to 13 million units.
For the full year, Wolf raised his revenue estimate from $139.4 billion to $151.95 billion. He raised his EPS estimate to $38.70 from $34.50.
Wolf maintains a Buy rating on Apple shares and a $540 price target.
Apple shares this morning are up $4.43, or 1%, at $426.83.
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