updated 04:20 pm EDT, Thu July 7, 2005
AAPL up on iMac, iPod mini
Banc of America Securities today and raised its estimates on Apple earnings, according to Forbes.com. The firm revised its earnings-per-share (EPS) estimates for 2005 and 2006 to $1.32 and $1.44, respectively, up slightly from $1.29 and $1.40. Apple, which reports fiscal third-quarter earnings on July 13, is expected to sell 5.4 million iPod units (a 26 percent increase) and see a CPU growth rate of 26-28%, according to a research note released by Banc of America Securities. "We think this range of results will be good enough to hold the stock or mildly positive." However, it says that the demand for the iPod shuffle and Mac mini has been weak, while demand for the imac and iPod mini has been strong,: "We expect a new Shuffle in the next few months, and believe an LCD-based refresh is needed." The firm lowered the stock's price target to $43 from $44.