Apple Inc. (NASDAQ:AAPL) announcement of iPhone 5 on September 12, and the launch on 21st was widely accepted, but what was unexpected, was the breadth of the launch covering ‘9 countries in week 1 and 22 more in week 2’. This massive and quick rollout from Apple has forced California based, Crownwell, Wedon & Co. to raise its revenue and EPS estimates for Apple Inc. (NASDAQ:AAPL) for the fourth quarter, and also for the year 2013. As per the research firm, Apple Inc. (NASDAQ:AAPL) is likely to reap benefits “from a several quarter product cycle that could include additional new products within the iPad line and expanded iPhone distribution in China.” The research firm is quite optimistic on the growth potential, and has also revised its price target to $840 from $770 for Apple’s stock.

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The latest iPhone represents the first complete redesign in over two-years i.e. since iPhone 4. iPhone 5 is fitted with a larger screen, has 4G LTE wireless connectivity, and a more powerful ‘A6’ processor, apart from various other impressive upgrades. The new iPhone, when compared to the last one, iPhone 4S, is about 20 percent lighter, 18 percent thinner, and enjoys a better battery performance. iPhone 5 comes with three memory options i.e. 16GB, 32GB, and 64GB. The earlier versions, iPhone 4 and iPhone 4S, will also be available, but at a discounted price as entry level devices. iPhone 5 has been very well received, and has already bagged around 2 million pre-orders, exceeding the previous record.

Based on the popularity and breadth of roll out, Crownwell, Weldon & Co. expects the company to ship around 6 million to 8 million iPhone 5 units by the end of September, and around 26 million devices by the quarter ending in September. For the quarter ending in December, the shipment is expected to be around 46 million. In line with the shipments, research firm has revised its revenue and EPS estimates for the company, from $35.1 billion to $35.8 billion and $8.66 to $8.85. Crownwell has also increased the estimates for 2013 by 22 percent and 19 percent for revenue and EPS respectively, “Our full year fiscal 2013 estimates were increased to $191B and $52.71 (revenue and EPS) from $182B and $51.03, respectively.”

As has been widely believed, Apple Inc. (NASDAQ:AAPL) may come up with a new iPad design for the 2012 holiday season, which the rumors claim to be the much talked about “iPad Mini.” Also, a pact with China Mobile (NYSE:CHL), the world’s largest wireless carrier, with nearly 700 million subscribers, “iPhone 5’s 4G LTE capabilities can possibly become compatible in China on the 4G network”, which will further boost the demand for the iPhone.