Thursday, June 28, 2012

Apple: RBC, Baird See Q1 Beat on iPhone Numbers

Analysts continue to tweak their models for Apple (AAPL) in advance of next Tuesday’s fiscal Q1 earnings report.

RBC Capital’s Mike Abramsky, who maintains an Outperform rating on Apple shares, this morning raised his price target on Apple shares to $525 from $500, writing that the company should produce a “solid Q1 beat,” with $40.2 billion in revenue and $11 per share in net profit, versus Street consensus of $38.8 billion and $10.02 per share.

Abramsky is modeling Apple to have sold 32 million iPhone units in the December quarter, as “global checks indicate unprecedented iPhone sell-through, with stock-outs in multiple regions.”

For the forecast, Abramsky is predicting $32 billion in revenue and $8 per share in profit, which would be above the consensus of $31.8 billion and $7.93 per share.

And R.W. Baird’s William Power, who maintains an Outperform rating on Apple shares and a $540 price target, this morning likewise points to “very strong” U.S. demand for the iPhone 4S. He’s modeling U.S. iPhone sales of 14 million and total iPhone shipments of 31.2 million in the December quarter.

Power also notes that data from Gartner last week suggest Apple’s Mac saw sales rise 20.7% in unit terms in Q4 versus a 5.9% decline for the PC industry overall.

Power is estimating $40.5 billion in revenue last quarter and $10.74 per share.

Apple shares today are up $2.76, or 0.7%, at $427.46.

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