On Tuesday, Needham & Company reported that it has raised its estimates on Apple Inc. (AAPL
) ahead of its fourth quarter earnings.
The firm has maintained a “Buy” rating and $595 price target on Apple, suggesting an 18% increase from the stock’s current price of $487.75.
Analyst Charlie Wolf noted: “Based on the sale of 9 million iPhones over its launch weekend and Apple’s marginally higher guidance for its fourth fiscal quarter, we’re raising our fourth quarter estimate from $7.49 to $8.01 (cons $7.86) and our fiscal 2013 estimate from $39.00 to $39.50. Our 2014 estimate remains at $42.00″
In response to Apple’s successful iPhone launch weekend, the firm has raised its Q4 iPhone shipment outlook from 30 million to 34.2 million. The firm has also cut its iPad shipment estimate from 17.5 million to 13 million.
Apple shares were mostly flat during pre-market trading Tuesday. The stock is down 8% YTD.
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