Gleacher & Company Pulls Back on 2011 iPhone Estimates

AAPLApple’s iPhone sales in 2011 may not live up to current expectations, according to Gleacher & Company analyst Brian Marshall, so he’s lowering his target from 80 million units down to 75 million.

“These changes are a result of our belief that there will be no summer iPhone refresh, as is typical,” Mr. Marshall said. “However, we do expect a ‘4s’ version in the second half of 2011 followed by the widely anticipated LTE (Long Term Evolution) iPhone 5 in the first half of 2012.”

Current rumors hint that Apple will deviate from its traditional late June/early July iPhone refresh cycle this year and instead will release a new iPhone model this fall. The new model will reportedly offer modest improvements over the current iPhone 4 and is seen as an interim step leading up to a major update in 2012.

Apple will be hosting its annual World Wide Developers Conference next week in San Francisco where CEO Steve Jobs will be on stage showing off iOS 5, Mac OS X Lion and the new iCloud service during his Monday keynote event.

Despite his lower expectations for 2011 iPhone sales, Mr. Marshall is maintaining his US$24 billion in revenue for Apple’s June fiscal quarter. He is, however, lowering his calendar 2011 projections from $111.4 billion down to $108.2 billion.

Mr. Marshall is maintaining his “Buy” rating and $450 target price for Apple’s stock. Apple is currently trading at $345.76, up 0.25 (0.07%).