Apple will report its latest financial results on Apr. 20, and investment bank J.P. Morgan has raised its projections of Apple’s earnings through 2012 in expectation of continued growth from the iPhone, iPad and the Mac.
In a note to clients — as reported by “AppleInsider” (http://www.appleinsider.com) — J.P. Morgan analyst Mark Moskowitz reiterated the firm’s Dec. 2011 price target of US$450 and Overweight rating of Apple. Moskowitz also:
° Raised his projections for Apple’s earnings per share for the second quarter of fiscal 2011 to $5.39, up from $5.21 and increased his revenue estimate for the March quarter from $23.83 billion to $24.42 billion;
° Expects Apple to sell 18.4 million iPhones in the second quarter of fiscal 2011;
° Expects Apple to sell 31.3 million iPads in fiscal 2011;
° Projects 32% Mac year-over-year growth over year growth for a total of 3.89 million Macs sold in the second quarter of fiscal 2011.
