The Mac Observer

Skip navigational links

You're viewing an article in TMO's historic archive vault. Here, we've preserved the comments and how the site looked along with the article. Use this link to view the article on our current site:
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.

Recent Headlines - Updated June 27th

Mon,12:40 PM
Three Ways to Protect your Apple Watch (and One Way Not To)
Sun,12:18 PM
MGG 611: Troubleshoot & Resolve Your Mac & Apple Issues
Fri,7:00 PM
Apple Kills the Thunderbolt Display - Will the Mac Pro Be Next?
6:54 PM
6 Great Display Choices for Your MacBook Pro and Mac Pro
6:25 PM
Apple Drops 2.81% in Broad Brexit Selloff
5:01 PM
G Cloud Unlimited Backup for iPhone and Android: 5-Year Subscription for $29.99
1:46 PM
TMO Daily Observations 2016-06-24: Goodbye Thunderbolt Display, Spinning off the Mac
11:48 AM
Plex Media Server Turns 1.0!
9:05 AM
OS X: Using Policy Banner for Custom Login Screens
Thu,9:01 PM
Apple Discontinues Thunderbolt Display, Directs Customers to Unspecified 3rd Party Displays
8:55 PM
Apple Adds RAW Support for 15 DSLR Cameras from Canon, Olympus, Panasonic, Sony
6:20 PM
How to Display Calories or kJ on your iPhone/Apple Watch Health Apps
  • __________
  • Buy Stuff, Support TMO!
  • Podcast: Mac Geek Gab
  • Podcast: Apple Weekly Report
  • TMO on Twitter!