Apple (AAPL) iPhone Estimates Just Keeping Going Higher

Analysts continue to be bullish on shares of Apple (Nasdaq: AAPL) and their expected quarterly performance, following missing the Street's expectations last quarter. One of the most recent signs comes from a Susquehanna analyst, Jeffery Fidacaro, who increased his price target on the stock from $535 to $545 while reaffirming his Positive rating.

Following market checks, the firm has increased its iPhone sales forecast for the current quarter from $27.1 million to $30.3 million. Mr. Fidacaro also increased his total iPhone sales estimate for the fiscal year from 104.4 million units to 111.4 million.

To go inline with the firm's new growth model, Mr. Fidacaro raised his earnings estimate for the first quarter from $9.40 per share to $10.17 per share. For the fiscal year, Susquehanna now forecasts earnings of $36.66 per share, which is a 4.4 percent increase from its previous estimate of $35.10 per share.

On December 19th, Morgan Stanley reported market checks were indicating global iPhone sales growth. The market checks show total iPhone sales could reach 41 million for the latest quarter and 190 million on the fiscal year. The firm’s estimate for fiscal year currently sits at 134 million units. Morgan Stanley analysts have reaffirmed its Overweight rating on the stock while adding it to its "Long Research Tactical Idea" list earlier this month.

Shares of AAPL are trading up just slightly on the day by $2.26 to $398.71.

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