AAPL: Cowen Ups FYQ2 iPhone Estimate
Posted by admin | Posted in aapl | Posted on 25-04-2012-05-2008
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By Tiernan Ray
Cowen & Co.’s Matthew Hoffman this morning reiterates an Outperform rating on Apple (AAPL) shares and raises his estimates for the company’s iPhone sales in the fiscal Q2 ended last month, writing that “we see ample room for iPhone estimates to work still-higher through year’s end as no product equal has yet appeared.”
Hoffman raised his iPhone estimate to 32 million from 27 million, but writes that “that estimate may well be 4 million to 6 million light of the actual iPhones sold during the quarter,” based on his “checks.”
Sales may have been lower, quarter over quarter, in the U.S. by 20% or so, but international sales probably made up for that, he believes.
Hoffman sees a tapering off in Q3 ahead of the introduction of what he supposes will be the “iPhone 5″:
A natural decline in iPhone 4S sales (now about 6 months into its lifecycle) has set in over the past few weeks in our latest checks – especially in the U.S. as a result, we would not be surprised if 4S sales taper off q/q in June, as reflected in our 28MM unit F3Q12 forecast.
Apple shares have been quite volatile this morning following yesterdays 4% sell-off but are currently up $5.61, almost 1%, at $585.74.