updated 11:10 am EST, Wed December 30, 2009
Cites high forecasts for all product lines
Kaufman Bros. analyst Shaw Wu has raised his price target for Apple stock from $235 to $253, citing new Q1 sales forecasts derived from industry and supply chain checks. Apple is expected to record as many as 9.5 million iPhones shipping in the December quarter, well above the consensus estimate of 8.8 million. The figure would set a quarterly record for Apple, and be based largely around the addition of China and South Korea to Asia-Pacific sales, as well as "stronger-than-expected" European performance thanks to multiple carriers and attractive pre-paid options.
Macs are also said to be selling well, thanks to recent iMac and MacBook refreshes. Wu is maintaining a prediction of 2.9 million Macs for Q1 however, noting that limited supplies of LED screens may prevent any spectacular achievements. iPod numbers are meanwhile forecast to hit 22 million, above a consensus of 20 million. Leading the pack are the iPod touch and the iPod nano, which have seen help from the App Store and a video camera, respectively.
Wu is now calling for $12.4 billion in revenue and $2.15 in EPS for the quarter, up from earlier estimates of $11.7 billion and $1.99. Anticipated FY2010 figures have been pushed from $41.7 billion and $6.80 to $44.4 billion and $7.40. The $253 stock target is based on a 12-month timeframe, and said to support a "Buy" rating.