Shares Up On Raised Analyst Expectations

3:00 PM EST, Jan. 3rd, 2005 · by Misha Sakellaropoulo · Apple Stock Watch

Shares of Apple are trading up about 2 percent today, to around $64.50, after JP Morgan raised its estimates for the company.

As reported by The Wall Street Journal (paid subscription required), JP Morgan analyst Bill Shope raised his estimates "in part because of "robust" sales of Appleis iPod digital music player and its Macintosh computers, as well as greater availability for components used in its iPod mini."

Shope expects Apple will have sold 1.6 million iPod minis during the December quarter, up from a previous estimate of 1.2 million. He expects iPod shipments to total about 4.5 million, up from 4.06 million. Looking forward, Shope predicts Apple will ship 17.84 million iPods in 2005, and 21.12 million iPods in 2006.

For the December quarter, Shope expects Apple to report $3.49 billion in revenues and earnings of 49 cents per share. For fiscal 2005, he is forecasting revenue of $12.97 billion and earnings of $1.71 per share.