The analyst now sees Q1 revenue of $40.2 billion, with profits of $11 a share, up from a previous forecats of $48.6 billion and $10. The Street consensus is $38.7 billion and $9.95. "We expect a favorable reaction given the Street expectations were reset following the prior FY Q4 miss," he writes.
For FY Q2, he expects guidance to be $32 billion in revenue and profits of $8 a share, just above the Street at $31.8 billion and $7.84. He notes that Q2 guidance may include expected global iPhone rollouts and a March iPad 3 launch.
Abramsky expects the company to report December quarter shipment of 32 million iPhones, up 97% year-over-year and 87% sequentially. He sees sales of 13 million iPads, up 77% year-over-year, and 17% sequentially. He sees sales of 5.1 million Macs, including 3.8 million laptops and 1.3 million desktops.
He expects the company to hit $100 a share in cash.
For the September 2012 fiscal year, he now sees profits of $38.50 a share, up from $326.50. For FY 2013, he goes to $45, from $43.50.
We remain constructive on the shares as Apple’s franchises (iPad, iPhone, PC) remain well positioned against large markets, its competitive advantages are still intact, and we view valuation (9x ex-cash) as compelling," he writes
AAPL this morning is up $1.82, or 0.4%, to $426.52.
