UBS (NYSE:UBS) raised its guidance for iPhone (NASDAQ:AAPL) sales. The bank now forecasts sales of ~30M iPhones in Fiscal Q1 — up from a prior estimate of 28M. Moreover, UBS is lifting Apple’s Fiscal Q1 profit guidance to $9.90 per share from $9.47. Lastly, UBS maintains its Buy rating and a price target of $510.
Wall Street analysts at R.W. Baird and Citi (NYSE:C) also see strong Q4 shipments after this week AT&T (NYSE:T) cited record smartphone sales. Citi also thinks Apple recently raised its iPhone orders from suppliers. As a side note, Citi is not ready to start making predictions about Apple TV because “Apple has not even defined specs yet.”
Here’s how Apple’s stock is trading on the news:
Apple Inc. (NASDAQ:AAPL): AAPL shares recently traded at $392.82, up $3.73, or 0.96%. They have traded in a 52-week range of $310.50 to $426.70. Volume today was 4,140,644 shares versus a 3-month average volume of 19,058,200 shares. The company’s trailing P/E is 14.19, while trailing earnings are $27.68 per share. Get the most recent company news and stock data here >>