“Needham & Co.’s Charlie Wolf this morning raised his estimates for Apple’s (AAPL) for last quarter and for the fiscal year ending this September on an expectation of higher iPhone sales,” Tiernan Ray reports for Barron’s.

“Wolf, referring to ‘recent reports of blow-out iPhone sales,’ no doubt referring to remarks by Verizon Communications and by AT&T in recent weeks, raised his estimate for last quarter’s iPhone shipments to 28 million from 32 million [sic. strike that, reverse it],” Ray reports. “Consequently, he raised his FYQ1 EPS estimate to $10.85 per share from $9.55.”

Ray reports, “Wolf maintains a Buy rating on Apple shares and a $540 price target.”

Full article, with Wolf’s iPad estimates (also raised), here.

MacDailyNews Note: AAPL earlier this morning hit a new all-time intraday high of $426.77.

Related articles:
Goldman Sachs hikes Apple estimates, expects monster quarter – January 9, 2012
Apple to webcast Q112 earnings release conference call on January 24 – January 4, 2012