Apple (AAPL) Has a Tough Miss, But December Qtr Will Be Super Strong - Goldman Sachs

Goldman Sachs reiterated its Conviction Buy List rating on Apple (NASDAQ: AAPL) despite a rare earnings disappointment.

The firm notes that while it was a tough miss, the typically conservative company issued strong guidance above the Street for next quarter.

Goldman said while they were surprised by the results, particularly on the iPad line, "we still expect the company to deliver solid December quarter results, boosted by iPhone sales momentum."

The firm now expects next quarters estimates to more closely "hug" guidance, and expectations to "remain realistic and perhaps even conservative."

Goldman now sees CY2011 revenues of $118.57 billion and EPS of $30.68, up from $118.48 billion and $30.53. They now see CY2012 revenue and EPS of $137.49 billion and $34.38, down from $138.6 billion and $34.62. They introduce CY2013 forecast of $154.86 billion in revenues and EPS of $38.65.

For more ratings news on Apple click here and for the rating history of Apple click here.

Shares of Apple closed at $422.24 yesterday.

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