Apple Inc. (NASDAQ:AAPL) releases its next earnings report tonight after closing bell. Analysts at numerous firms are adjusting their estimates for the September and December quarters. Those at Stifel agree with most; they’re projecting higher average selling prices and more shipments for the iPhone but fewer for the iPad in the September quarter.


iPhone estimates raised

Analysts Aaron C. Rakers and Sanjiv R. Wadhwani have raised their iPhone estimates for both the September and December quarters. They’re estimating 30.6 million iPhones shipped during the September quarter. Their previous estimate was 28.1 million. Their average selling price increased to $600 from $585. These increases are the result of numerous checks and reports indicating that there are many more iPhone 5S handsets being sold than 5C handsets.

For the December quarter, their iPhone estimate was increased from 47.8 million to 49 million. Their average selling price is at $640. The analysts said sales of iPhone accessories with high margins could offer “a modest positive” for Apple Inc. (NASDAQ:AAPL)’s results as well.

iPad estimates lowered for September

Apple Inc. (NASDAQ:AAPL) said it sold its 170 millionth iPad earlier this month, so analysts have been adjusting their iPad estimates according to that number. For the September quarter, Stifel analysts lowered their unit estimates, pushing them down from 16.7 million to 15.3 million.

They like the two new iPad models and remain positive on them for the holiday quarter, especially the iPad Air. Their December quarter iPad estimate is 22.4 million, although they believe this could be conservative. For the full 2014 fiscal year, they’re estimating that Apple will ship 78.8 million iPads. In the following fiscal year, they’re estimating 98.7 million iPads. Those numbers are an increase from their previous estimates of 73.9 million and 92.2 million.

Expectations for Apple’s report tonight

The Stifel analysts are expecting Apple Inc. (NASDAQ:AAPL) to report revenue of $36.5 billion and earnings of $7.89 for the September quarter. That’s an increase from their previous estimates of $35.2 billion in revenue and $7.61 earnings per share. They remain below consensus on revenue but higher on earnings per share. Wall Street estimates revenue of $36.8 billion and earnings of $7.87 per share.

Stifel analysts continue to rate Apple Inc. (NASDAQ:AAPL) as a Buy with a $540 per share price target.