Apple: Goldman Ups Estimates; Piper Upbeat on iPhone Units

Goldman Sachs analyst David Bailey this morning upped his estimates on Apple (AAPL) ahead of the company’s fiscal second-quarter earnings report, which is due after the close next Wednesday.

Bailey is looking for FY Q2 revenues of $8 billion, at the high end of the company’s guidance range of $7.6 billion to $8 billion, which would be down 21 percent sequentially, but up six percent year over year. He thinks gross margin will be about a point better than the company’s target of 32.5 percent, due to favorable component costs and product mix. As a result, Bailey upped his EPS estimate for the quarter to $1.07 from $1, which puts him a penny below the Street consensus of $1.08. Apple’s guidance had been for 90 cents to $1.

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