Apple Inc (AAPL)

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08:55 AAPL Apple Computer: Amtech previews June quarter results (50.67 ) -Update-

Amtech notes that AAPL will report its June quarter results this Wednesday after the close. The firm continues to anticipate AAPL to report results at the upper-end, if not exceed, its guidance of $4.2-4.4 bln and $0.39-0.42 (they are in-line with consensus at $4.4 bln and $0.44). In terms of units, they are modeling 8.3 mln iPods and 1.2 mln Macs. For the September quarter, they continue to believe that consensus revenue of $5 bln, looking for 13% Q/Q growth, is unreasonably aggressive. Firm believes this stance is no longer a surprise now that their then non-consensus view that new Nanos will likely ship in October, or late September at the earliest, has become more widely accepted. Given AAPL's conservative bent, they think AAPL will likely guide to $4.6 bln in revenue, or 5% Q/Q growth helped by back-to-school but offset by weaker European seasonality. With AAPL shares off about 22% since its last earnings report, they think expectations are fairly muted. They believe there is an over-discounting of AAPL's fundamentals and growth prospects that remain among the strongest in large-cap tech.