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Apple: Goldman Ups Estimates; Piper Upbeat on iPhone Units

April 15, 2009
by Eric Savitz
Blogger and Columnist, Barron's, Tech Trader Daily

Eric Savitz

Goldman Sachs analyst David Bailey this morning upped his estimates on Apple (AAPL) ahead of the company’s fiscal second-quarter earnings report, which is due after the close next Wednesday.

Bailey is looking for FY Q2 revenues of $8 billion, at the high end of the company’s guidance range of $7.6 billion to $8 billion, which would be down 21 percent sequentially, but up six percent year over year. He thinks gross margin will be about a point better than the company’s target of 32.5 percent, due to favorable component costs and product mix. As a result, Bailey upped his EPS estimate for the quarter to $1.07 from $1, which puts him a penny below the Street consensus of $1.08. Apple’s guidance had been for 90 cents to $1.

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