Wall Street's Best Weigh In On Apple (AAPL) Ahead of Tonight's Results

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July 21, 2009 1:56 PM EDT

Apple (Nasdaq: AAPL) is set to report 3Q results after the close. On average analysts see the company reporting EPS of $1.17 on revenue of $8.2 billion. The company usually reports around 4:30PM, according to earnings data tracked by StreetInsider.com. In addition to earnings, investors will be curious to see if health-stricken CEO Steve Jobs will show up.

Last quarter 2Q, Apple traded up 3.2% the day after earnings. For 1Q, Apple traded up 6.7% the day after the earnings. For 4Q 2008, Apple traded up 5.9% the day after the earnings.

The company's conference call is set for 5PM EDT. The dial-in number is: (888) 490-2763 (toll-free) or (719) 457-2637. The webcast is http://www.apple.com/quicktime/qtv/earningsq309/

Here is what some of the Street's best analysts have to say heading into the report.

BroadPoint.Amtech Brian Marshall (1st on Street): Sees Q3 revenues of $8.427 billion, above the consensus of $8.2 billion. Sees Q3 EPS of $1.31, above the consensus of $1.17. Sees 5M iPhone units. While AAPL has nicely outperformed the broad market year-to-date, we believe AAPL has more to offer shareholders in 2H09. Apple remains a must-own technology bellwether with numerous catalysts over the coming months (June earnings, China launch, netbook/tablet launch, etc.). Reiterate Buy rating $175 price target.

Kaufman Bros Shaw Wu (4th on Street): Anticipate strong results with EPS of $1.21, above the consensus of $1.17. Near-term risk/reward may not be as favorable with high expectations and sell-side peers late to the game. Would be buyers on weakness as we see AAPL shares trade favorably into year-end. Believes Apple will likely continue its tradition of conservative guidance. The firm maintains their Buy rating and $176 price target.

JP Morgan Mark Moskowitz (5th on Street): Sees EPS of $1.23, above the consensus of $1.17. Sees revenue of $8.497 billion, versus the consensus of $8.2 billion. Sees 2.5M Mac units, versus street expectations of 2.3-2.4M. Sees 4.3M iPhone units. We believe the upside potential is driven by both the Mac and iPhone businesses, and these factors should keep the stock pointing upward. Recently (7/17) reiterated their Overweight rating and raised their price target to $167.50.