Apple Inc (AAPL)

[Bootz]

IPhone Sales Could Outpace Estimates, Too

Last update: 3/20/2012 7:46:56 AM

7:46 (Dow Jones) It's not just the strong iPad sales figures released late Monday, hours after the dividend and stock-buyback news, that Apple (AAPL) investors should keep mind of, says Sterne Agee. "Supply-chain checks indicate stronger-than-expected uptake in iPhone, with China Telecom added as a carrier and 21 countries added for the 4S." As such, the investment bank projects 28M iPhones having been sold this quarter--up 2M from its prior view--as it also boosts iPad estimates for calendar 2012 and EPS and revenue targets for this FY and next. In that light, Sterne Agee joins the stampede of investment banks boosting stock-price estimates, going to $740 from $620.