Analyst sees "monster" quarters from Apple ahead
Apple has some "monster" earnings reports ahead of it according to Wedbush analyst Scott Sutherland. He sees a year-over-year increase in sales of 3 million Apple iPhone units in Q1 to 26 million. The analyst bases this on the introduction of the Apple iPhone 5 in October and the launch of a lower end model of the phone aimed at emerging markets. While that will help the Cupertino based firm report a "monster" first quarter, Sutherland sees the trend continuing with the introduction of an LTE enabled Apple iPhone model with a "materially improved" UI in the first half of 2012 along with the introduction of the Apple iPad 3.
Sutherland adds that Apple's new iCloud service could increase media and app sales, which would lead to even higher earnings for the company. With a series of these "monster" earning reports expected to continue throughout next year, the analyst has raised his target on Apple to $530. The stock closed Thursday at $401.82, down 2.5% during a market bloodbath.