Apple (AAPL) Estimates Raised Due to Super-Strong iPhone Demand; iPad Numbers Trimmed
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Rating Summary:
39 Buy, 25 Hold, 7 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 17 | Down: 14 | New: 17
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JPMorgan raised estimates on Apple (NASDAQ: AAPL) due to iPhone demand, although they see slightly less iPads.
"Our research inputs indicate that iPhone sales remain robust, and Mac sales holding up. The thrust of our call is that we are increasing iPhone estimates but slightly trimming our iPad estimates," said analyst Mark Moskowitz.
For the December quarter, Moskowitz now sees revenue of $38.69 billion and
EPS of $9.87, this versus $37.26 billion and $9.45 previously. The Street Consensus is at $38.02 billion and $9.78, respectively.
December quarter iPhone estimates were raised to 28 million, versus 25.3 million. For F2012 and F2013, iPhone estimates increase by 4.2 million and 1.5 million units to 105.5 million and 121.7 million, respectively. "There are no signs of a plateau effect in end demand," Moskowitz commented.
On the iPad, they now see December quarter units of 13 million, down from 13.3 million. "We see no structural change to the iPad demand environment, but there has been limited uplift in build activity," Moskowitz states. "To a lesser extent, the Amazon (Nasdaq: AMZN) Kindle Fire's better-than-expected momentum with more price sensitive consumers is a factor, too." Over the longer-term, they still expect the iPad's ongoing momentum in commercial environments to accelerate.
The firm sees 5.4 million Mac units for the December quarter. This is basically unchanged from their prior estimate.
JPMorgan reiterated their Overweight rating and $525 price target. The stock is on the J.P. Morgan Analyst Focus List.
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 $382.20 yesterday.
"Our research inputs indicate that iPhone sales remain robust, and Mac sales holding up. The thrust of our call is that we are increasing iPhone estimates but slightly trimming our iPad estimates," said analyst Mark Moskowitz.
For the December quarter, Moskowitz now sees revenue of $38.69 billion and
EPS of $9.87, this versus $37.26 billion and $9.45 previously. The Street Consensus is at $38.02 billion and $9.78, respectively.
December quarter iPhone estimates were raised to 28 million, versus 25.3 million. For F2012 and F2013, iPhone estimates increase by 4.2 million and 1.5 million units to 105.5 million and 121.7 million, respectively. "There are no signs of a plateau effect in end demand," Moskowitz commented.
On the iPad, they now see December quarter units of 13 million, down from 13.3 million. "We see no structural change to the iPad demand environment, but there has been limited uplift in build activity," Moskowitz states. "To a lesser extent, the Amazon (Nasdaq: AMZN) Kindle Fire's better-than-expected momentum with more price sensitive consumers is a factor, too." Over the longer-term, they still expect the iPad's ongoing momentum in commercial environments to accelerate.
The firm sees 5.4 million Mac units for the December quarter. This is basically unchanged from their prior estimate.
JPMorgan reiterated their Overweight rating and $525 price target. The stock is on the J.P. Morgan Analyst Focus List.
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 $382.20 yesterday.
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