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Analyst trims iPad sales projections, raises iPhone estimates

Updated Dec 19th, 2018 7:37PM EST

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JP Morgan analyst Mark Moskowitz wrote in a research note Thursday morning that he is adjusting his quarterly sales estimates for both the iPhone and the iPad. Moskowitz expects Apple to sell 28 million iPhones during the fourth quarter, up from his original 25.3 million estimate. He cut his estimate for iPad sales, however, and now expects Apple to sell 13 million iPad units rather than his original 13.3 million-unit projection. Moskowitz also said he expects Apple to ship 5.4 million Mac computers during the quarter. “Our research inputs indicate that iPhone sales remain robust, and Mac sales holding up,” Moskowitz wrote. “The thrust of our call is that we are increasing iPhone estimates but slightly trimming our iPad estimates. Despite the uncertain macro environment, we expect Apple to sustain above-peer revenue growth, upward-trending margins, and incremental market penetration opportunities to fend off competitive and economic challenges.” Moskowitz increased his revenue forecast for the quarter from $37.36 billion to $38.69 billion with earnings of $9.87 per share, above the average Street estimate of $38.02 billion in revenue and $9.78 per share.