Credit Suisse analyst Bill Shope raised his earnings and revenue estimates on Apple for the recently completed March quarter, based on the noting that Mac and iPhone demand had held up better than he had earlier feared. Mr. Shope also raised his price target for the company's stock to US$133 a share, up from $120, and reiterated an "Outperform" rating, a rating that means he expects Apple to outperform its peers.
"Despite our view that consensus estimates may come under some incremental pressure this year," he wrote in a research note, "we believe Apple's shares remain attractive, particularly when considering its cash per share and healthy cash flow generation."
The analyst bumped his sales estimates for Apple's March quarter to US$7.76 billion, up from $7.44 billion. He raised his profit estimated to $1.07 per share, up from $.97. For the fiscal year, he raised estimates from $33.17 billion to $34.54 billion, and profits from $4.89 to $5.11 per share.
Shares in AAPL traded higher the Thursday afternoon session at $119.38 per share, up $3.06 (+2.63%) on moderate volume.
Apple is set to announce its March quarter results on April 22nd after the markets close. The Mac Observer will have full coverage of the company's announcements and conference call.
*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.