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Piper Jaffray: Apple Likely To Raise Revenue Guidance

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Piper Jaffray analyst Gene Munster now believes that Apple Inc. (NASDAQ: AAPL) will report it sold 65 million iPhones in Q2, up from a prior estimate of 61 million. Piper’s estimate is still below many other analysts, with Morgan Stanley and KGI Securities estimating sales of 69 and 73 million, respectively.

Moving forward, Munster noted that he believes Apple will provide a higher-than-expected revenue guidance for the next quarter as demand for the iPhone 6 is particularly strong. Revenues for the March quarter are expected at $53.7 billion.

Piper maintained its Overweight rating and reaffirmed a $135 price target. Apple is scheduled to report earnings Tuesday after the closing bell.

Shares of Apple closed Friday at $112.98.

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