Apple IPhone Sales Outpace Handset Industry

MarketWatch Pulse

Apple Inc. continues to benefit from strong iPhone demand even as handset sales are slowing industrywide, according to SIG Susquehanna Financial Group analyst Chris Caso. The analyst raised his current-quarter and September-quarter revenue and earnings per share estimates on Apple and said he now expects Apple to ship 50 million phone units for the three months ending in June, up from a view of 42 million previously. The iPhone 6 momentum should help drive Apple's stock over $150, he said, in spite of weak iPad sales and potential currency headwinds. Caso has a $155 12-month price target on Apple's stock, above the mean target of $147.28, according to a FactSet poll of 40 analysts. Shares of Apple traded up 0.2% to $128.90 in premarket trade. The company's highly-watched Worldwide Developers Conference will kick off later on Monday.

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