RBC Capital Markets analyst Mike Abramsky predicted on Friday that Apple will report strong sales for Macs and iPhones in their current 4th fiscal quarter, according to Canadais Financial Post on Monday.
The driving force will be back-to-school buyers, and Mr. Abramsky predicted that Apple will sell 2 million Macs this quarter. Thatis a 27 percent year-over-year gain.
The Toronto-based analyst also predicted revenues of US$6.2B, which is slightly higher than the Streetis forecast of US$5.93B.
Regarding the iPhone, Mr. Abramskyis check with retail outlets led to a projection of 13.4 million iPhones sold by the end of 2008. Apple has said that they expect to sell 1 million iPhones by the end of September and that European partners will be officially announced later this calendar year.
Finally, Mr. Abramsky considered the recent dip a good buying opportunity for Apple stock and rates Apple at "outperform" with a target price of US$175.
Apple stock closed on Monday near $122.00.
In the interest of full disclosure, the author holds a small share in AAPL stock that was not an influence in the creation of this article.