Wedbush Remains Bullish on Apple (AAPL) Seeing a Q3 Upside, PT Calls for 26% Upside
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Rating Summary:
52 Buy, 12 Hold, 1 Sell
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Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
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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Wedbush is reiterating its Outperform rating and $450 price target on shares of Apple (NASDAQ: AAPL) ahead of its Q3 earnings release.
The firm believes that Apple will report its Q3 results ahead of expectations with revenue of $25.6 billion and EPS of $5.79, the Street's forecasts $24.7 billion in revenue and EPS of $7.73. The company's original guidance calls for $23 billion in revenue and $5.03 in earnings.
Wedbush sees the iPad and iPhone sales outpacing the company's forecasts and is anticipating sales results of 18.6 million iPhones, 6.5 million iPads, 4.3 million Macs, and 7.8 million iPads.
In Q4, Apple is expected to release a new iPhone model with a slimmer frame and improved graphics and imaging. Along with a new and improved iPhone, Wedbush believes that Apple will release a cheaper iPhone for emerging markets. Rummors are flying currently of an early release on the iPad 3.
An analyst at Wedbush comments, "We believe iCloud and the ability to share content/applications across various form factors (TV, PC, tablet, smartphone) could continue to drive market share gains for Macs in the PC market and could turn Apple TV from a hobby to another growth driver. This should further allow Apple to deliver solid growth for years to come."
Apple is expected to release its Q3 results on July 19 ahead of the opening bell. A conference is schedualed for 2:00 pm later that day. Dial in: (888) 240-9267.
For more ratings news on Apple click here and for the rating history of Apple click here.
Shares of Apple closed at $358.02 yesterday, with a 52 week range of $235.56-$364.90.
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The firm believes that Apple will report its Q3 results ahead of expectations with revenue of $25.6 billion and EPS of $5.79, the Street's forecasts $24.7 billion in revenue and EPS of $7.73. The company's original guidance calls for $23 billion in revenue and $5.03 in earnings.
Wedbush sees the iPad and iPhone sales outpacing the company's forecasts and is anticipating sales results of 18.6 million iPhones, 6.5 million iPads, 4.3 million Macs, and 7.8 million iPads.
In Q4, Apple is expected to release a new iPhone model with a slimmer frame and improved graphics and imaging. Along with a new and improved iPhone, Wedbush believes that Apple will release a cheaper iPhone for emerging markets. Rummors are flying currently of an early release on the iPad 3.
An analyst at Wedbush comments, "We believe iCloud and the ability to share content/applications across various form factors (TV, PC, tablet, smartphone) could continue to drive market share gains for Macs in the PC market and could turn Apple TV from a hobby to another growth driver. This should further allow Apple to deliver solid growth for years to come."
Apple is expected to release its Q3 results on July 19 ahead of the opening bell. A conference is schedualed for 2:00 pm later that day. Dial in: (888) 240-9267.
For more ratings news on Apple click here and for the rating history of Apple click here.
Shares of Apple closed at $358.02 yesterday, with a 52 week range of $235.56-$364.90.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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