According to analyst Brian White of Cantor Fitzgerald, Apple is expected to post stronger sales than what Wall Street expects for the just-concluded March quarter, hinting that the company could surprise the investors to the upside when it reports earnings after markets close on April 23, AppleInsider is reporting. The analyst tracks tech component suppliers as part of his “Apple Barometer” measurement.
In a note to investors today, Brian said that preliminary sales for Apple suppliers were up 34% month over month in March, which is higher than the average seasonal increase of 24%. While estimating the call for Apple sales to fall 24% quarter over quarter to $43.8 billion in revenue, White is slightly more bullish than his Wall Street colleagues, who generally expect that Apple will report revenue of $43.6 billion for the March 2014 quarter.
“In the same period a year ago, Apple brought in $43.6 billion in revenue, meaning sales are projected to be about flat. Apple didn’t introduce any major new products during the March quarter, which is why many investors aren’t expecting to see growth from the company from the start of calendar 2014. However, the three-month period does represent the first full quarter of sales for the new Mac Pro, and it also includes the debut of the iPhone on China Mobile, the world’s largest wireless provider.”
Cantor Fitzgerald has maintained its “buy” rating for AAPL stock with a price target of $777.