Apple’s (NASDAQ:AAPL) earnings are just over two weeks away. On average, analysts are looking for earnings to contract about 17.5 percent to $10.13 per share, and revenue to increase 9 percent to $42.70 billion. Apple, for its part, guided revenue in a range between $41 and $43 billion.
Against this backdrop, an analyst at Canaccord Genuity — with a Buy rating and a $600 price target on the stock — increased his iPhone sales estimates for the second and third quarter, and reduced his average price estimate. Citing reduced pricing for the older molders, the analyst raised his sales estimate from 34.5 million to 37 million in the second quarter, and from 25 million to 27 million in the third quarter. The average price estimate was reduced from $651 in the December quarter to $601 in the March quarter.
Data compiled by Fortune contributor Philip Elmer-DeWitt shows that second-quarter sales forecasts are landing in a range between 32.5 million and 42.5 million units, with a median forecast of 37 million units. This compares against 35.1 million actual sales in the year-ago period.
Elmer-DeWitt’s analysis shows that the median estimate among analysts for the average selling price for an iPhone in the second quarter is $625. At this price point, he points out that the iPhone would be responsible for about half of the company’s revenue if it came in at $42.7 billion.