“Citing strong sales momentum for the iPad and iPhone, J.P. Morgan raised its revenue estimates for Apple’s fourth fiscal quarter of 2010 from $18.13B to $18.71B, reiterating the company’s price target of $400 by December 2011,” Josh Ong reports for AppleInsider.
“J.P. Morgan’s positive revision of its revenue estimates extended out to the end of Apple’s 2011 fiscal year, with an estimated revenue of $81.53 billion for Apple next fiscal year, up from a previous estimate of $78.84 billion,” Ong reports. “The report, issued by J.P. Morgan analyst Mark Moskowitz early Thursday, reassured investors that there’s “plenty of growth” left for Apple. Checks with primary research contacts by the analyst revealed that the iPhone and iPad were still gaining momentum through the end of Apple’s fourth fiscal quarter of 2010 on Sept. 30.”
Ong reports, “The report does not include a Verizon iPhone in its estimates for the 2011 fiscal year, though the partnership “appears to be coming” as soon as early 2011. According to Moskowitz, a Verizon iPhone could add as much as $2.00 in incremental Earnings Per Share next year.”
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