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Apple earnings outlook raised by BMO Capital; stock gains in the premarket

Mon. July 07, 2008; Posted: 08:47 AM
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NEW YORK, Jul 07, 2008 (Thomson Financial via COMTEX) -- AAPL | Quote | Chart | News | PowerRating -- Apple Inc.'s earnings estimate for fiscal 2009 was raised by BMO Capital to $6.36 a share from $6.21, amid the belief that Mac sales continued to be strong during the quarter ending June.

The stock rallied 1.4% to $172.46 in premarket trading.

Analyst Keith Bachmann said he believes 2.4 million to 2.5 million Mac units were sold during the quarter, and now sees fiscal 2009 sales growth of 26% vs. total PC market growth of 11.5% to 12%.

He believes the sales strength is being driven by market share gains, primarily in the U.S. and developed international markets.

Bachmann also said he was also assuming higher average selling prices for the iPhone, up to $410 from his previous estimate of $380.

Separately, Goldman Sachs Analyst David Bailey expects the launch of the iPhone 3G in the U.S. and international markets on Friday will drive Apple shares higher. Tomi Kilgore tk1

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For full details on Apple Inc (AAPL) click here. Apple Inc (AAPL) has Short Term PowerRatings of 6. Details on Apple Inc (AAPL) Short Term PowerRatings is available at This Link.

    


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