Thursday, December 06, 2007 - 09:12 AM EST — Apple Stock Quote: 185.50 (0.00, +0%)
Bear Stearns raises estimates, price target on Apple based on strong MacBook, iPod sales
Thursday, December 06, 2007 - 09:05 AM EST
Apple Online Store
"Bear Stearns analysts Andy Neff, Bill Hand and Ted Chung sent a note to clients today regarding Apple's holiday sales," none other than Andy Neff himself writes for Seekign Alpha.
Neff writes, "Based on favorable feedback from retail channel checks (strength in notebooks, higher iPod sales), feedback from Asia checks (which indicate sequential uptick in Mac units vs. [Apple's] guidance for sequential decline) and strong acceptance of [Apple's new Mac OS X Leopard], we're raising our rev/EPS estimates and CY08 target from $243 to $249."
"Despite AAPL's uncharacteristically strong Dec-qtr guidance, we still expect strong upside and are raising 1Q08 EPS from $1.65 to $1.75 (guidance is $1.42; Street at $1.54) on revs of $9.67bn (guidance is $9.2bn; Street at $9.33bn) based on Mac units of 2.2mm (up 1% seq vs. prior est. of flat seq) and iPod units of 25.0mm (up 145% seq and above our prior est. of 24.3mm)," Neff writes. "Given product cycles for Mac/iPod and Leopard OS uptake, we're raising EPS for FY08 from $5.25 to $5.40 and for FY09 from $6.90 to $7.00."
"We're raising our CY08 target from $243 to $249 (price of an 80GB iPod classic)," Neff writes.
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