CSFB: Mac growth to outpace industry in March quarter
updated 10:25 am EST, Tue March 15, 2005
CSFB raises estimates
Credit Suisse First Boston raised estimates on Apple, noting that Apple's March quarter Mac shipment growth , but maintained a 'neutral' rating on the stock. After a trip to Taiwan and after completing checks with key component suppliers, Credit Suisse said that "both iPod and Mac demand are tracking above normal seasonal calendar first-quarter patterns." Forbes reports that CSFB's checks showed sales of the iPod shuffle device are "trending above its initial expectation of 500,000 units, and CSFB now expect shipments of 1.5 million units in the quarter. CSFB also expects Apple to ship 4.2 million hard-disk-drive-based iPods 'as the company has secured capacity to meet growing international demand.'"
CSFB raised the quarterly shipping estimate on the Mac mini to 150,000 units from 100,000, and expects total Mac units shipping in the fiscal second quarter to rise 35 percent year-over-year. Credit Suisse expects the PC industry to grow 10 percent in the same period, according the report.
The firm raised its estimates of March earnings to 25 cents per share on revenue of $3.2 billion, up from its previous estimates of 20 cents on revenue of $2.9 billion. CSFB raised the fiscal 2005 yearly estimate of profits to $1.15 per share on revenue of $13.4 billion. Previously the company said that it expected earnings of $1.03 per share on revenue of $12.8 billion. CSFB, however, maintained a "neutral" rating on Apple, citing its current valuation.
