Citigroup Bumps Up AAPL Earnings Estimate
Citigroup Bumps Up AAPL Earnings Estimate
by , 8:40 AM EDT, April 21st, 2008
Citigroup analyst Richard Gardner is expecting Apple will report even better than expected earnings during its quarterly investor conference call this Wednesday and is raising his estimates accordingly. He now expects Apple will report US$7 billion in quarterly earnings, above the Street consensus of $6.95 billion, according to Notable Calls.
Mr. Gardner is predicting Apple will report Mac shipments at 2.1 million units, up 38 percent year over year, and that those numbers will be driven by Mac Pro and MacBook Air sales.
iPod shipment estimates, however, are down at 9.5 million units from analyst earlier estimates of 10 million. Citigroup's iPod estimates come in well below the 10.5 million industry consensus. According to Mr. Gardner, iPod sales will likely remain flat until Apple refreshes the product line -- a move he expects will come in Apple's third quarter.
iPhone sales will likely come in at 1.5 million units despite the rumors that a 3G model is due within weeks.
Mr. Gardner estimates that Apple will report $7 billion in revenue with an EPS at $1.23, up from his earlier estimate of $1.14 and well above the $1.06 consensus. He is maintaining his "Buy" rating and $212 target price for Apple stock.
Apple is currently trading at $162, up 0.96 (0.60%).
If you are interested in Apple's stock, join our forum members in the Apple Finance Boards, a moderated forum for Apple Investors and people who are interested in Apple's financial dealings. For other stories regarding Apple's stock activity, visit our updated Apple Stock Watch Special Report.
Observer Comments
Comments are currently closed. Please email the author instead.
Recent Headlines - Updated July 6th
- Mon, 11:17 AM
- Ted Landau's User Friendly View - Apple’s LED Cinema Display: A Too Short Story
- 11:11 AM
- Product News - Photo Recovery for Mac Adds Photoshop Support
- 10:39 AM
- Hot Forum Topic - iPhones in Education
- 8:47 AM
- News - Apple Employee Injured in Store Shooting
- Fri, 10:29 AM
- News - Apple Warns of Learning Interchange Security Breach
- 7:30 AM
- News - Happy Fourth of July!
- Thu, 6:07 PM
- TMO Scoop - Psystar Moves to Drop Bankruptcy Ahead of Apple Legal Battle
- 5:37 PM
- News - Uncomfirmed Reports Say Apple & Nvidia On The Outs
- 4:57 PM
- News - Microsoft Sick Over Barf Ad
- 4:09 PM
- Product News - KRK Ships R6 Passive Studio Monitor for Recording
- 3:45 PM
- John Martellaro's Blog - Particle Debris (week ending 7/2) Juiced, Joost and Goosed
- 3:12 PM
- Product News - ExactScan 2 Pro Released
The Mac Observer Reader Specials
- Download Typestyler, still the Ultimate Styling Tool for Internet, Print and Video Graphics. Works great in Classic with a Native OS X Version on the way. Free Tryout: www.typestyler.com
Other World Computing: Big Deals on Big LCDs: 23" 'TrueHD' up to 2048x1152 + USB2 Hub & WebCam $279.99. Specials on 20" to 30" from $167.99. Freight from only $3.95!
If you're using a Mac, then you've gotta check out Full Tilt Poker for Mac. This Full Tilt Poker bonus code does the unthinkable, it actually rewards!
RamJet Memory: MacBook and MacBook Pro 4GB kits for $57.99! Mac Pro 4GB Kits $99.99! iMac and Mac mini 4GB Kits for $57.99! 1TB SATA Hard Drives for $109.99! Click hereFor the latest Apple products use Ciao, a price comparison website, to find laptops like MacBook Air. Then find the best prices on MP3 players and use our comparison tool to evaluate mobile phones like the Apple iPhone.
Laptop Hardware Provided by TechRestore - Overnight Mac & iPod Repairs.

