Analyst: Q1 iPhone Sales to Hit 28 Million


Apple’s iPhone sales for its first fiscal quarter of 2012 will hit the 28 million mark, according to J.P. Morgan analyst Mark Moskowitz. He previously expected 25.3 million iPhone sales for the December quarter, but sees robust sales driving that figure up.

Mr. Moskowitz’s new iPhone sales estimate comes, however, at the expense of the iPad.

Q1 iPhone sales could hit 28 millionQ1 iPhone sales could hit 28 million

“The thrust of our call is that we are increasing iPhone estimates but slightly trimming our iPad estimates,” he said. “Despite the uncertain macro environment, we expect Apple to sustain above-peer revenue growth, upward-trending margins, and incremental market penetration opportunities to fend off competitive and economic challenges.”

For fiscal 2012, he estimates Apple will sell 105.5 million iPhones, up from 101.3 million. He expects iPhone sales will hit 121.7 million units in fiscal 2013, up from 120.2 million.

He added, “We see no structural change to the iPad demand environment, but there has been limited uplift in build activity,” and lowered his Q1 iPad sales estimate from 13.3 million down to 13 million.

Strong MacBook Air sales have Mr. Moskowitz predicting Apple will sell some 5.4 million Macs during the quarter. He also doesn’t see the prospect of hard drive shortages from Thailand flooding to impact Apple.

Mr. Moskowitz is maintaining his “overweight” rating and US$525 target price for Apple’s stock. Apple is currently trading at $385.15, up 2.95 (0.77%).

[Thanks to Forbes for the heads up.]