Caris & Co.’s Shebly Seyrafi believes that is likely to beat expectations for the quarter, driven by strong Mac shipments and better than expected gross margins, according to a report by Barron’s.

The analyst now expects AAPL to post revenue for the fiscal second quarter of $7.04 billion, up from $6.93 billion. Seyrafi expects an EPS of $1.12, up from $1.11, and above the analysts’ consensus $1.06 with gross margins of 35%, above the guidance of 32%.

Seyrafi expects shipments of 9 million iPods, 2.14 million Macs and 2 million iPhones for the quarter (Apple’s Q2 08)

For the June quarter, he sees revenue of $7.35 billion and EPS of $1.14 which is above the Street at $7.14 billion and $1.10.

Seyrafi maintains an Above Average rating and $170 price target on the stock.

Full article here.

MacDailyNews Note: Again, the multi-billion dollar question is, of course, not by how much Apple will beat The Street this quarter, but what will Apple guide for the next quarter?

The analysts’ consensus estimates for Q2 08 are $1.06 EPS on $6.95 billion in revenue vs. Apple’s guidance of $0.94 EPS on revenue of “about $6.8 billion.”

For Q3 08, analysts expect $1.10 EPS on $7.14 billion in revenue.