RBC Capital analyst Mike Abramsky this morning repeated his Outperform rating on Apple upping his target on the stock to $525 from $500, in anticipation of both strong Q1 results driven by iPhone demand and healthy Q2 guidance. The company reports December quarter results next week.
The analyst now sees Q1 revenue of $40.2 billion, with profits of $11 a share, up from a previous forecats of $48.6 billion and $10. The Street consensus is $38.7 billion and $9.95. “We expect a favorable reaction given the Street expectations were reset following the prior FY Q4 miss,” he writes.
For FY Q2, he expects guidance to be $32 billion in revenue and profits of $8 a share, just above the Street at $31.8 billion and $7.84. He notes that Q2 guidance may include expected global iPhone rollouts and a March iPad 3 launch.
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