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RBC: iPhone sales to hit 70 million in 2011

Zach Epstein
January 12th, 2011 at 11:00 AM

In a price target revision sent to investors Wednesday morning, RBC Capital Markets Managing Director Mike Abramsky raised the firm’s target for Apple stock to $395 from $365. RBC also raised its revenue estimates, speculating that increased demand and new product launches would drive Apple’s revenue to $90.8 billion in the 2011 fiscal year and $103.3 billion in 2012. Abramsky’s revised figures put Apple’s first quarter revenue at $25 billion, above the Street’s consensus of $24.2 billion, and the second quarter will dip slightly to between $20 and $21 billion. Apple is expected to sell 3 million Verizon iPhones in the second quarter, with unit sales totaling 9 to 10 million in the calendar year. Based on the addition of the Verizon iPhone and strong demand for the upcoming fifth-generation iPhone, which is expected to launch in June or July, RBC estimates that Apple will sell 70 million iPhones in the 2011 calendar year — 19% of the estimated global smartphone market.

Zach Epstein

Zach Epstein has worked in and around ICT for more than 15 years, first in marketing and business development with two private telcos, then as a writer and editor covering business news, consumer electronics and telecommunications. Zach’s work has been quoted by countless top news publications in the US and around the world. He was also recently named one of the world's top-10 “power mobile influencers” by Forbes, as well as one of Inc. Magazine's top-30 Internet of Things experts.




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