Piper Jaffray analyst raises estimates for iPhone 4 sales after surge of orders
By APWednesday, June 16, 2010
Analyst raises estimates for iPhone 4 sales
NEW YORK — A Piper Jaffray analyst raised his estimate for iPhone 4 sales by 1 million units Wednesday as Apple Inc. strained to keep up with orders for the new device.
In a client note, Piper Jaffray’s Gene Munster said he now expects Apple to sell 9.5 million units of the iPhone 4 before the quarter ends June 30. He also raised his price target for Apple shares to $348 from $330 and reiterated an “Overweight” rating on the company.
Munster’s estimate is in line with pre-orders that have come in for the new iPhone, which is set to begin shipping June 24. Apple said it took orders for more than 600,000 in a single day, the most for any iPhone yet.
Apple shares climbed $7.56, or 2.9 percent, to close at $267.25.
