Apple posted the most profitable quarter ever among technology companies to close out 2011 and according to a number of industry analysts, the Cupertino-based company is on track for another huge quarter to kick off the new year. Oppenheimer analyst Ittai Kidron on Friday raised his price target on shares of Apple stock to $570 from his earlier target of $510, maintaining his Outperform rating. Though Apple managed to ship a record number of iPhones and iPad tablets in its first fiscal quarter — more than 37 million iPhones and 15.4 million iPads —the analyst believes the market is anything but saturated. During Apple’s second fiscal quarter, Kidron sees the company selling 31 million iPhones and 11 million iPads into channels, which would ensure yet another huge quarter for the world’s most valuable company. “The iPhone 4S is consistently the most sought after phone at all three carriers in the U.S. based on our store checks,” Kidron wrote in a note to investors, according to Barron’s. “International demand also looks good with ample room to expand, particularly in China.” Apple recently lost smartphone share in China for the second straight quarter according to Gartner.
Apple seen selling 31 million iPhones, 11 million iPads this quarter
Updated Dec 19th, 2018 7:47PM EST
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Zach Epstein has been the Executive Editor at BGR for more than 10 years. He manages BGR’s editorial team and ensures that best practices are adhered to. He also oversees the Ecommerce team and directs the daily flow of all content. Zach first joined BGR in 2007 as a Staff Writer covering business, technology, and entertainment.
His work has been quoted by countless top news organizations, and he was recently named one of the world's top 10 “power mobile influencers” by Forbes. Prior to BGR, Zach worked as an executive in marketing and business development with two private telcos.
