Apple Inc. (NASDAQ:AAPL) is scheduled to release its next earnings report next week, so this week analysts from numerous firms are giving their expectations. Some analysts, like those at Nomura, have taken a bearish approach. But like the analysts at Sterne Agee, those at Credit Suisse Group AG (NYSE:CS) are bullish on the stock.
In a report to investors Thursday, they reiterated their Outperform rating and target price of $750 per share for Apple. They’re estimating next week’s report to show $57.2 billion in revenue and $14.59 in earnings per share. That’s compared to the consensus of $54.6 billion in revenue and $13.34 earnings per share. Credit Suisse analysts also said they see a potential upside to their estimates because Apple Inc. (NASDAQ:AAPL) “remains well-positioned with a privileged advantage in the computing market.”
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They noted the investor noise about iPhone order cuts and believe that they’re “on balance accurate,” although they don’t think they are reflective of end demand. Instead they feel that the order cuts are simply evidence of the company “ramping its supply chain more aggressively” in an attempt to accelerate its product cycle. They’re projecting iPhone volumes of 138 million for the 2012 calendar year and 192 million for the 2013 calendar year, which is above consensus.
Credit Suisse Group AG (NYSE:CS) analysts also see “continued strength through platform dominance” for the iPad. They forecast 23.8 million iPads sold in the company’s first fiscal quarter of 2013. They expect that Apple’s tablet market share will be around 59 percent this year and 50 percent in the long term, although they say those numbers could be conservative.
After opening around $510 per share this morning, shares of Apple Inc. (NASDAQ:AAPL) dipped dangerously close to $500 for the second time this week, closing around $502 per share. The stock spent most of Tuesday below the $500 per share mark.