Needham & Co.’s Charlie Wolf today raised his estimates for Apple (AAPL) thanks to what he expects to be stronger Mac sales this quarter than he’d initially expected, while also raising his iPad and iPhone estimates.
Wolf sees Apple selling 4.6 million Macs this quarter, the fiscal Q4, higher than his initial 4.4 million, citing “surveys.”
And despite substantial chatter in the last few days about shifting iPad production numbers, Wolf actually increased his iPad estimate to 12 million units, given that “Apple would build channel inventories from effectively no weeks at the end of June to three to four weeks.”
Wolf also raised his iPhone estimate by 1 million units to 17 million. He offers no update, however, on the calendar Q4, which has been the real source of debate this week as regards Apple.
Wolf now projects $109.4 billion in revenue this year, up from $106.5 billion previously, and $28 per share in profit, up from $27.
Wolf maintains a Buy rating on Apple and a $540 price target.
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