The stock has gained more than 10% this week on reports of strong initial demand for the iPhone 4S and on speculation that the handset will be a hit, with some analysts expecting that the device could hit sales of 4 million units by the end of the first weekend its available in the stores, this after a report that indicated that AT&T, Sprint Nextel, and Verizon Wireless sold out of the iPhone 4S for pre-orders, which followed a report earlier in the week that Apple received 1 million pre-orders in the first 24 hours it was available.
Yesterday, Susquehanna joined the fray of the iPhone 4S estimates, with the firm predicting that iPhone shipments climbed slightly in Apple’s fiscal fourth quarter to 21.5 million units, but that for the current quarter the extraordinary demand the new iPhone 4S is seeing, coupled with the Holiday season, points to an upside of 27 million units shipped during the quarter. The firm reiterated its Positive rating and $535 price target. Separately, the ISI Group initiated coverage on Apple with a Buy and a target price of $500 per share.
Yesterday, Apple scored a victory against Samsung in its global patent war, with an Australian court issued a temporary ban on the sale of the Samsung Galaxy 10.1 tablet in that country. But a much more important battle starts next week, when a Californian court begins hearing Apple's bid to ban sales of Galaxy products in the United States. Also next week, Apple earnings will be in focus, with the tech giant scheduled to report its results on October 18th after the close. On average analysts expect a profit of $7.2 per share on revenues of $29.24 billion. Last year for the same period, the company posted a profit of $4.64 per share., For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
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