JP Morgan Ramps Up Apple Q2 Estimate to $24.42B

J.P. Morgan analyst Mark Moskowitz has high expectations for Apple’s 2011 second fiscal quarter earnings report, so he’s raising his revenue estimate for the company from US$23.83 billion up to $24.42 billion. Mr. Moskowitz raised his estimates for the quarter based on iPhone shipments that beat his expectations.

Mr. Moskowitz is modeling 18.4 million iPhones sold during the quarter, up from his earlier 16.6 million estimate. His higher estimate was spurred in part by the addition of Verizon to Apple’s iPhone partners in the United States.

Apple Q2 earnings report: April 20

Along with his $24.42 billion in revenue estimate, Mr. Moskowitz raised his EPS for the quarter from $5.21 up to $5.39.

Apple will be hosting its second quarter earnings conference call on Wednesday, April 20 after the market closes at 5PM eastern time.

Mr. Moskowitz is rating Apple as “Overweight” with a $450 target price. Apple is currently trading at $330.57, down 1.85 (-0.56%).

[Thanks to AppleInsider for the heads up.]