Apple On Pace To Surpass Quarterly IPhone Expectations

Apple Inc. is on track to outpace iPhone expectations for the third quarter, according to an estimate by UBS, released Thursday. The brokerage predicts June quarter iPhone demand of 51.1 million units, which is above the current Wall Street consensus estimate of around 45 million. While that estimate tracks consumer "sell-through" demand, which is usually higher than the actual "sell-in" number Apple reports, UBS also raised its sell-in estimate, to 48 million from 43 million previously, which is above the 35.2 million phones Apple sold in the same quarter last year. Reflecting the higher demand, the brokerage raised its fiscal 2015 earnings per share estimate to $9.19 from $9.04, above the consensus estimate of $9.07, according to FactSet. Shares of Apple were up 1.2% to $127.50 in recent trade. They are flat from three months ago, versus a 1% increase for the broader Dow Jones Industrial Average, but have risen 50% over the last 12 months, outperforming the Dow's 9.5% increase.