updated 11:45 am EDT, Thu May 26, 2005
\'Solid\' quarter for Apple
Piper Jaffray today on Apple and raised its June quarter estimates based on expectations of strong Mac OS X Tiger sales. The firm said that it expects the fiscal third quarter numbers to be up slightly from the second quarter. Forbes reports that the firm also reiterated its $52 target price on Apple: "The bottom line from our checks is that while we are not expecting significant upside to June [third] quarter numbers, Apple's business appears to be solid in what is typically a seasonally slower period." The firm raised the fiscal 2005 and 2006 earnings-per-share estimates on Apple to $1.32 and $1.48, respectively from $1.27 and $1.38 as well as expects a slight increase in iPod sales numbers for the June quarter (5.5M vs. 5.3M last quarter); however, it said that Apple's numbers will likely be driven by strong Mac sales.