Apple Quarterly Targets Upped By Analyst Citing IPhone Sales

Another brokerage has raised its estimates on iPhone sales as Apple Inc. preps to report earnings after the bell on Tuesday. Cantor Fitzgerald lifted its first quarter revenue estimate on the Cupertino-based smartphone manufacturer on Monday to $68.2 billion from $65.5 billion, compared with the current FactSet consensus of $67.3 billion. Apple previously forecast first-quarter revenue in the range of $63.5 billion to $66.5 billion. Cantor also raised its earnings per share estimate to $2.61 from $2.49, versus the Wall Street estimate of $2.59. Analyst Brian White said the more bullish outlook reflects a projected 62% quarter-over-quarter sales increase amid stronger-than-expected demand for the iPhone 6 and iPhone 6 Plus during the crucial holiday quarter. Shares of Apple edged up 0.8% to $113.91 in premarket trade. They have risen more than 36% over the last six months.