Ahead of Apple's second quarter earnings announcement next week, investment firm Goldman Sachs has pushed up its estimates of recent iPhone and iPad sales, as well as its outlook on Apple's stock.
In a note sent out to investors this morning -- relayed by Barrons -- Goldman Sach's analyst Bill Shope said the firm expects Apple to have sold 31.1 million iPhones during its second fiscal quarter, as well as 12.5 million iPads. That's up considerably from the firm's previous estimate of 28.2 million iPhones, and 10.1 million iPads.
Meanwhile, Macs -- which topped 5 million units last quarter -- are estimated to be in the range of 4.3 million, the firm said.
Based on those figures, Shope reiterated Goldman's "buy" rating of Apple, and its target price from $700 to $750. The increased sales also led to higher expectations of Apple's second quarter revenue, which Shope said would be $36.9 billion with earnings of $10.18 per share. Last year, Apple pulled in $24.7 billion in revenue and profits of $6.40 per share during its second quarter.
The very positive estimates come on the heels of, which has since shown signs of recovery in the last two days. During five days of trading, shares of Apple went down $53.55, or 8.45 percent, with one of the biggest drops taking place Monday, when shares dropped 4.1 percent. Today the stock closed at $608, dropping $1.36 or 0.22 percent.
Apple announces its second quarter earnings next Tuesday. All eyes are on the company to reveal just how well its third-generation iPad has sold since it announced recordin its opening weekend. The quarter will also be another big one for the iPhone, which was on sale for the entire quarter, and became available in more countries.
Updated at 1:25 p.m. PT with Apple's close price.
Apple - USE TAG
reading•iPad, iPhone sales could soar for Apple, analyst says
Sep 20•How to prepare your Mac for MacOS Mojave
Sep 20•Amazon introduces new Alexa gadgets, Apple's latest phones hit stores
Sep 20•Gadget season: What Apple, Google, Samsung, Microsoft, Amazon, Razer are bringing this fall
Sep 20•Amazon's Echo devices get redesign on the way to world domination