Cantor Fitzgerald analyst Brian White, unhappy with his initial Q4 revenue and earnings-per-share estimates for Apple Inc., (NASDAQ:AAPL) has decided to raise them ahead of Apple’s fourth-quarter results announcement, expected around 4:30 p.m. EDT.
The analyst raised his revenue estimate to $37.49 billion from $34.57 billion and his EPS estimate to $8.06 from $7.23. The analyst is predicting that EPS will fall for the first time since fiscal year 2003, calling fiscal year 2013 a "year to forget," in a story on StreetInsider.
White also raised his iPhone unit sales forecast to 32.96 million from 31.8 million and his iPad unit forecast to 14 million from 13 million. White maintained his Buy rating for the stock and price target of $777.
Apple shares closed at $525.96 yesterday, with a 52-week range of $385.10 to $622.