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Apple Stock Watch
Analyst: iPhone 3GS Sales Ahead of Estimates
Tuesday, June 23rd, 2009 at 11:57 AM - by Jeff Gamet
Apple reported on Monday that iPhone 3GS sales topped a million units during the first three days of availability, coming in ahead of AmTech analyst Brian Marshall's estimate. The stronger than expected kick off for the new iPhone left Mr. Marshall even more confident in his aggressive sales estimates for Apple's June and September quarters.
"Over the first three days of the iPhone 3GS launch, Apple commented it sold over 1mil units. This is extremely impressive, in our view, as we had previously assumed the company would sell 1 million plus in the first full week of the launch," Mr. Marshall said. "Our confidence is increased in our June '09 and September '09 iPhone unit assumptions of 5.0mil and 7.0mil units, respectively."
Apple released the iPhone 3GS on Friday, June 19, and in some cities lines for the combination iPod and smartphone started more than a day in advance. The new model runs apps faster than the iPhone 3G, includes a 3 megapixel digital camera, captures video, includes a built-in digital compass, and more.
Mr. Marshall added "Despite the weak economy, Apple continues to gain share in large markets while generating tremendous amounts of cash. We believe the stock is a must-own technology bellwether."
Mr. Marshall is maintaining his "Buy" rating and US$175 target price for Apple's stock. The company is currently trading at $133.77, down 3.60 (2.62%).
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