UBS raises Apple estimates, hikes price target to $415

“UBS Securities analyst Maynard Um this morning raised his price target on shares of Apple (AAPL) to $415 from a prior $365, writing that next Tuesday’s fiscal Q1 report will probably come in stronger than expected given strong demand for MacBook Airs and the holidays’ heavily-gifted iOS items,” Tiernan Ray reports for Barron’s.

Ray reports, “Um is modeling $24.57 billion in revenue and $5.40 in EPS, on a 36.8% gross margin. The Street has been looking for $23 billion and $4.80 per share.”

Read more in the full article here.

MacDailyNews Note: The “Street” expectations that Ray quotes above are incorrect. Currently, according to Thomson Financial Network, analysts’ consensus estimates call for $5.31 EPS on revenue of $24.25 billion (vs. Q110 results of $3.67 EPS on revenue of $15.68 billion). On October 18, 2010, Apple CFO Peter Oppenheimer provided the following guidance: “Looking ahead to the first fiscal quarter of 2011, we expect revenue of about $23 billion and we expect diluted earnings per share of about $4.80.”