Topeka's Brian White Sees 56M Apple (AAPL) iPhone Units Based on Verizon Numbers
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Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
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Topeka Capital's Brian White commented on Apple (NASDAQ: AAPL), saying today's 6.2 million Verizon (NYSE: VZ) iPhone number suggests a total iPhone number for the quarter above 56 million.
White notes, "Approximately 50% of the which equates to the iPhone 5. As such, it appears as if the iPhone 4S and iPhone 4 were particularly strong in the quarter. Over the past six quarters, Verizon has accounted for approximately 11% of Apple's total iPhone shipments. Using this 11% number, we can easily back into a greater than 56 million iPhone shipment number in the quarter. Even with 12% penetration, we can get over 51 million.
If White is accurate, this would be above the consensus of ~50 million.
White maintained a Buy rating and price target of $1,111 on Apple.
For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.
Shares of Apple closed at $500.00 yesterday, with a 52 week range of $419.55-$705.07.
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White notes, "Approximately 50% of the which equates to the iPhone 5. As such, it appears as if the iPhone 4S and iPhone 4 were particularly strong in the quarter. Over the past six quarters, Verizon has accounted for approximately 11% of Apple's total iPhone shipments. Using this 11% number, we can easily back into a greater than 56 million iPhone shipment number in the quarter. Even with 12% penetration, we can get over 51 million.
If White is accurate, this would be above the consensus of ~50 million.
White maintained a Buy rating and price target of $1,111 on Apple.
For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.
Shares of Apple closed at $500.00 yesterday, with a 52 week range of $419.55-$705.07.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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