Apple's Earnings: Good to The iPhone Core
Other analysts take note from the recent report from Verizon(VZ) , which activated 2.7 million iPhones in the quarter, and see that as a good sign. Jeffries analyst Peter Misek expected Verizon to activate 2.5 million iPhones, so this is another positive sign, despite increased interest on a new product. He rates Apple shares "buy" with an $800 price target.
Piper Jaffray analyst Gene Munster agrees that the Verizon activation number is a positive going into the quarter and notes that data out of China appears exceptionally strong.
"Additionally, based on data reported from China Telecom and China Unicom, 3G subscriber adds in China appear strong, which is good for the iPhone," Munster wrote, in his report. "We are assuming that iPhone sales in Asia-Pac (driven by China) are up 43% sequentially, while rest of world is down 24% sequentially."
The analyst believes Apple sold around 10 million iPhones in Asia during the quarter, with overall sales coming in between 28 million and 29 million. He rates shares "overweight" with a $910 price target.
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--Written by Chris Ciaccia in New York
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