Goldman Sachs analyst Bill Shope is upping his estimates for Apple’s holiday quarter.
- He thinks it sells 31 million iPhones versus his previous estimate of 30.2 million.
- He thinks revenue comes in at $38.18 billion versus a previous estimate of $37.06 billion. (The Street is calling for $38.18 billion.)
- EPS will be $9.94 versus prior estimate of $9.44. (Street estimates are at $9.87.)
If Apple hits his number, it will be 82% growth on a quarterly basis and 91% growth on annual basis. (In other words, holy crap! That’s just sick growth.)
Goldman rates Apple’s stock a “conviction buy,” meaning it thinks it’s a top choice.
Shope sees big things for Apple in 2012:
We expect several key catalysts to drive the stock price and the multiple higher this year. iPhone momentum should continue into 2012 as Apple expands its distribution footprint in the March quarter, enjoys improved elasticity with the low-priced iPhone 3GS, and refreshes the product family once again mid-year. As for the iPad, we expect a lower price point for the iPad 2 and the launch of the iPad 3 to trigger accelerating momentum in the June quarter and beyond. Meanwhile, the Mac business continues to defy the general weakness in the PC market, and we expect this to continue as the MacBook Air drives hefty notebook share gains for the company in coming quarters.
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