Apple's 2014 first fiscal quarter combined iPhone and iPad sales figures will top 78 million units, according to Canaccord Genuity analyst Michael Walkley. Those numbers will be driven by the iPhone 5S and iPad Air, both introduced later in 2013.
Analyst: iPhone sales to hit 54 million units in Q1 2014
Mr. Walkley told investors,
Our sales surveys indicated strong iPhone 5s and iPad Air sales through the December quarter holiday selling season. We are modeling December quarter iPhone unit sales of 54 million units (+60% Q/Q, +13% Y/Y) and anticipate a sales mix of roughly 2:1 iPhone 5s vs. 5c will yield blended iPhone ASPs near $620. In addition, our surveys indicate very strong iPad Air sales, and we are modeling iPad unit sales of 24.8 million units (+76% Q/Q, +8% Y/Y) despite headwinds from significant iPad mini with Retina Display supply shortages through much of the December quarter.
Those strong sales are expected to carry through the year thanks to Apple's recent partnership with China Mobile, the world's largest cell service provider. Also in Apple's favor was a lack of innovation from competitors at this year's CES in Las Vegas. While companies were showing off new smartphones and tablets, none seemed to wow analysts and expo attendees.
Looking forward, is bumping up his 2014 annual revenue estimate to US$188.6 billion and is pushing up his 2014 annual EPS to $44.85. For 2015, his revenue estimate remains unchanged at $201.4 billion, but his EPS rose to $50.24.
Mr. Walkley is maintaining his "Buy" rating and $600 target price for Apple's stock. Apple is currently trading at $544.54, up 8.81 (1.64%).