Apple will be hosting its June quarter earnings report on July 21, and AmTech's Brian Marshall expects the Mac and iPhone maker will come to the table with numbers above analyst expectations.
"When Apple reports on Tuesday, July 21, after the close, we expect to see a better than expected June '09 quarter and believe management guidance regarding the September '09 outlook will be conservative, as typical," said Mr. Marshall.
Mr. Marshall is expecting Apple to report revenue for the quarter at US$8.427 billion with a $1.31 EPS fueled by five million iPhone sales. The Wall Street consensus, however, models quarterly revenue at $8.131 billion with EPS at $1.15.
The AmTech figures, however, don't include the $9.95 iPod touch users are paying to upgrade to iPhone OS 3.0. "It is important to note that we estimate the iPod touch installed base to be about 22million. If about 30 percent upgraded to 3.0 in June '09, this would add an incremental ~$0.07 to our estimated $1.31," he said.
Looking forward, Mr. Marshall is projecting Apple will report $9.449 billion in revenue for the September quarter, along with a $1.50 EPS. He is also expecting Apple to offer its traditional conservative guidance for the quarter.
Mr. Marshall is maintaining his "Buy" rating and $175 target price for Apple's stock.Apple is currently trading at $140.70, up 2.18 (1.57%).