Here's What the T-Mobile Deal Will Do for Apple's (AAPL) Top and Bottom Lines in FY13

BMO Capital markets is out with some positive comments on Apple, Inc. (Nasdaq: AAPL) following the announcement that it inked a new deal to start selling the iPhone 5 at T-Mobile, USA.

Notably, T-Mobile sold about 8 million smartphones in 2011, versus 26 million at Verizon (NYSE: VZ), 25 million at AT&T (NYSE: T), and 14 million for Sprint Nextel (NYSE: S). BMO notes that T-Mobile's smartphone sales are up 28 percent in 2012, versus modest 2 percent to 4 percent growth at the other carriers.

BMO sees the iPhone 5 garnering about 42 percent of T-Mobile's sales, similar to the level Sprint currently enjoys.

Looking ahead, BMO is modeling for a 25 percent increase in U.S. smartphone sales. Should T-Mobile sell 12 million to 13 million smartphones and assuming a conservative estimate that the iPhone will account for about 40 percent of those sales, then T-Mobile could contribute an additional 5 million in unit sales. With an average selling price of $620 and gross margin of 48 percent for Apple, that's an additional $3 billion in top-line growth and $1.15 per share in earnings.

BMO maintains an Outperform on Apple and price target of $730. Shares are down 2.7 percent Friday.

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 $547.24 yesterday.

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