Two analysts Wednesday told investors Apple’s stock price could hit up to $300 over the next year, a mark helped by high-flying expectations for sales of the iPhone, Mac and iPad. Apple is scheduled to release its quarterly earnings report early next week on April 20.
Piper Jaffray analyst Gene Munster expects Apple shares to touch the $299 point within a year, upping his early projection of $287. Munster bases his new stock price on a slip-of-the-tongue by Apple, when the Cupertino, Calif. company announced it had shipped more than 50 million iPhones. That figure may mean Apple sold 7.8 million iPhones during the March quarter, higher than Munster’s expectation for 7.5 million iPhones sold during the first quarter of 2010.
If correct, the analyst’s figures mean a 93 percent increase in iPhone sales compared to 2009. The increase is in line with the 90 percent sales growth Apple reported for the fourth quarter of 2009. As for Mac sales, Munster sees 2.9 million units sold during the quarter, a jump from 2.6 million . The analyst based his projection on retail sales numbers indicating a 39 percent increase compared to the previous year.
Another analyst was even more bullish on Apple. Robert Cihra told investors Wednesday he expects the company’s stock to hit $300, up from $260 previous projected. Apple could report $12.5 billion in quarterly revenue next week, an amount buoyed by 7.5 million iPhones sales, as well as 3.1 million Macs. To put a cherry on top of that sales sundae, Cihra beleives Apple will report a 41 percent gross margin.
The analyst also increased his expectations for iPad sales to 5.5 million for calendar 2010, an increase from his previous 4.5 million projection. Although the iPad will likely cannibalize some iPod touch sales, that will be offset by the tablet device earning Apple three to four times more gross profit per unit, he announced.
[via AppleInsider]
