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Canaccord Raises Q2, Q3 iPhone Shipment, FY13, FY14 EPS Estimates; Reiterates Buy, $600 Target

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Analysts at Canaccord Genuity led by Michael Walkley issued a Q2 preview on Apple (NASDAQ: AAPL) ahead of quarterly results.

The firm reiterated a Buy rating and $600 price target on Apple.

Walkley said, "Our monthly and overall March quarter global handset surveys indicated iPhone 5 sales declined consistent with normal seasonal patterns after very strong December holiday quarter sales. However, our surveys indicated stronger sales of iPhone 4/4S models at reduced prices..."

The analyst now sees Q2 iPhone unit shipments of 37M, up from 34.5M previously, and Q3 shipments of 27M, up from 25M. Given an increased mix in iPhone 4, 4S sales, Canaccord's average selling price estimate moved lower from $651 to $601.

"Given our expectations for a summer iPhone refresh combined with competitor smartphone ramps including the Samsung Galaxy S4 during the transitional June quarter, we believe Apple could lose meaningful near-term market and profit share before the iPhone 5S refresh," Walkley warned.

Walkley boosted his FY13 and FY14 EPS estimates from $43.59 and $50 to $43.86 and $50.16, respectively.

With Apple shares up 0.15% to $423.82 at last check, Canaccord's price target implies potential upside of about 42 percent.

Latest Ratings for AAPL

DateFirmActionFromTo
Oct 2018WedbushInitiates Coverage OnOutperform
Sep 2018NomuraMaintainsNeutralNeutral
Sep 2018JP MorganInitiates Coverage OnOverweight

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