The iPhone 4's momentum is beyond "our bullish expectations," says Kaufman's Shaw Wu
The Wall Street analysts who follow Apple (AAPL) -- and there are dozens of them -- have been taking a second look at their spreadsheets in the wake of those 2 million iPad sales, the iPhone 4 introduction last week, and the extraordinary flood of pre-orders this week.
Apple announced Wednesday that it had pre-sold a record 600,000 iPhone 4s in one day, despite server meltdowns that turned many customers away. AT&T said its iPhone 4 pre-order sales were ten-times higher than last year's iPhone 3GS pre-orders.
As is their wont when Apple surprises them, the analysts have been bumping up their share price targets. Here are the ones we've heard about; we'll add more as they come in:
Susquehanna Financial's Jeff Fidacaro: To $335 from $325. "Given the size of the iPhone 4 pre-order and our analysis of the expected upgrade cycle, particularly the remaining 3G users, we believe the full launch weekend of June 24-27 is shaping up to potentially be a 2 mln-3 mln iPhone event." 6/18/2010
Kaufman Bros.' Shaw Wu: To $340 from $320. "Based on our analysis of demand trends and supply chain data points, we believe our already above-consensus (which have been moving up) estimates are conservative, and thus raising estimates. Frankly, we find this remarkable as we are arguably still in a recession amid still high unemployment levels." 6/17/2010
Piper Jaffray's Gene Munster: To $348 from $340. "Although it is difficult to gauge what percentage of units were set aside for pre-orders (vs. launch day walk-in sales), the fact that iPhone 4 had more pre-orders in one day than previous iPhone models is clearly a positive indicator." 6/16/2010
Caris and Co.'s Robert Cihra: To $325 from $310. Cihra sees "a powerful succession of product cycle catalysts over the next three quarters," according to Barrons' Eric Savitz, including iPhone 4, iPad and eventually iPhone for Verizon (VZ). 6/8/2010
Morgan Stanley's Katy Huberty: To $332 from $310. "Our bull case assumes iPad is the fastest ramping mobile Internet device ever and our base case assumes it is the second fastest, after only netbooks." 6/8/2010
source: cnn.com
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