Friday, April 9, 2010

APPLE Target price $300 [credit suisse] $AAPL Multitasking Arrives for iPhone OS

SAN FRANCISCO - JANUARY 27:  Apple Inc. CEO St...Multitasking Arrives for iPhone OS
■ Finally, multitasking! Apple hosted its iPhone OS 4 event today. The event focused on critical new features of iPhone OS 4, which will be available for the iPhone and iPod Touch this summer and for the iPad this fall. Of the seven features, multitasking and iAd were the key highlights. Beyond the new OS features, Apple noted it sold 50 million iPhones “to date.” Apple sold a total of 42.48 million units by the end of 2009, implying approximately 7.52 million units this calendar year. While some of these were sold after the quarter closed and Steve Jobs was likely rounding somewhat, this data point suggests our recently raised unit forecast of 7.41 million units is fairly close to the actual shipments for the quarter. This is good news and consensus iPhone expectations are likely trend upward and closer to our numbers. We remain confident that Apple will
report solid March quarter results. We are forecasting $12.26 billion in revenues and $2.57 in earnings, versus consensus of $11.93 billion and $2.40. Apple also noted that it sold 450k iPads since the Saturday launch and that it is sold out in Best Buy stores. This is good news and with the potential for an additional
demand spike when the 3G version is launched later this month, we believe our 1.1 million unit estimate for the June quarter looks increasingly conservative.

Apple Inc
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