Analyst Brian Marshall, who recently moved to investment firm Gleacher & Company, raised his price for AAPL to $375 per share, up from $355 per share on Wednesday. In a research note obtained by The Mac Observer, Mr. Marshall told clients that he was lowering estimates for the June Quarter, but raising estimates for the September quarter, for a net gain of $100 million for the two quarters combined.
Mr. Marshall lowered his estimates for the June quarter due Apple’s iPhone transition. In effect, he pushed one million iPhone units from June (to September, and specified that this was an immaterial by-product of the transition, and not an issue of consumer demand.
For the quarter as a whole, the analyst lowered June estimates to revenue of $14.5 billion and earnings per share of $3.24, down from $15.1 billion in revenue and EPS of $3.50. This compares to Wall Street’s consensus estimates of $14.6 billion in revenue and EPS of $3.09.
For September, he raised estimates to $17.6 billion in revenue and $4.33 EPS, up from $16.9 billion and $4.05. Street consensus estimates currently are $16.5 billion and $3.74, respectively. He thinks Apple will guide very conservatively at $12.5 billion, with EPS guidance of $1.80, citing Apple’s tradition of lowballing its guidance.
Mr. Marshall reiterated his “Buy” rating for AAPL, and also restated his belief that Apple, “remains the best technology company on the planet with numerous catalysts over the coming months (ramping international iPhone penetration, iPad, iAd, etc.).”
Shares in Apple rose Wednesday to $258.665, a gain of $10.035 (+4.04%), on moderately light volume of 23.3 billion shares trading hands.
*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.