updated 04:55 pm EDT, Fri March 13, 2009
BMO estimates AAPL at $105
BMO analyst Keith Bachman has trimmed the firm's Apple earnings forecast, based on weak demand for Macs and iPhones compared to previous estimates. Bachman predicts that the March 2009 quarter will see Mac sales of 2.15 million, rather than 2.32 million; iPhones are meanwhile being forecast at 3.2 million, instead of 3.8. iPod numbers are expected to be higher however, jumping from 10 million to 10.6.
For the fiscal year ending in September, Bachman has lowered Mac estimates to 9.229 million, down from 10.004, and iPhones to 14.413 million units versus 16.663. The iPod forecast has corresponding risen to 54.727 million, up from 52.627 million. Looking towards FY10, Bachman estimates 9.573 million Macs (down from 10.8), 15.858 million iPhones (down from 19.996), and 49.8 million iPods (up from 47.41).
EPS estimates for FY09 have slipped from $5.13 to $5.05, and for 2010, have shifted from $5.47 to $5.30. BMO is nevertheless maintaining an Outperform rating on AAPL, and setting a $105 price target. At press time Apple was down less than a dollar at $95.93.