updated 11:05 am EDT, Tue June 1, 2010
UBS lifts price target to $320
Several analysts have made changes to their Apple estimates in the wake of an Apple announcement on Monday, declaring that the company had sold over 2 million iPads. UBS is raising its price target for Apple stock from $315 to $320, with the expectation that the company will now sell between 2.8 and 3 million iPads by the end of the June quarter. Also helping during this period are said to be updated MacBook Pros. Q3 revenue and EPS estimates have been changed from $13.6 billion and $2.86, to $14.5 billion and $2.97.
For FY2010, UBS is calling for $59.2 billion and $13.41, adjusting from $57.6 billion and $13.22; this makes the assumption that Apple will sell 4.8 million iPads. Tentative FY2011 numbers have been raised from $61.7 billion and $14.36 to $64.8 billion and $14.83, with a prediction of 9.7 million iPads being delivered.
Piper Jaffray analyst Gene Munster has raised his iPad estimates for the 2010 calendar year from 4.3 million to 6.2, also noting that this weekend's international launches likely added a minimum of 100,000 in sales. Towards the end of Friday, four out of 14 international stores contacted by Piper had run out of iPads. By Monday, four out of 11 reported being out of stock.
Shaw Wu of Kaufman. Bros. is now calling for 2.7 million iPads in the June quarter -- up from an invalidated 2 million -- and 8 million by the end of CY2010, scaled from an earlier forecast of 6.3 million. FYQ3 financials are predicted to include $14.4 billion in revenue and $2.97 in EPS, numbers increased from $14 billion and $2.90. FY2010 figures have been pushed from $58.7 billion and $13.20 to $59.3 billion and $13.30; FY2011 has been ramped up from $67.5 billion and $15 to $67.9 billion and $15.05.