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Wed, 05 Dec 2007 Apple to exceed Q1 guidance - analyst

Strong Mac and iPod sales, Leopard and iPhone to drive bullish Apple Q1

Jonny Evans

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Analyst Shaw Wu of American Technology Research expects Apple to exceed its previously published guidance in its performance in the December quarter.

The analyst is sufficiently confident to have repeated his buy assessment on Apple stock and reiterated a $210 6-12 month price target.

"Well, it's looking like Apple's most optimistic guidance in eight quarters is turning out to be conservative after all," Wu wrote. "Back in October, we had concerns that Apple might have been too aggressive in its outlook, but our recent checks with supply chain sources lead us to believe it is positioned to deliver upside."

The analyst reports strong iPod sales, with consumers migrating to iPod touch and the iPod nano, and predicts 25 million iPod sales in the currently quarter.

Wu also notes: "Continued strength in Mac sales driven by Mac OS X Leopard and switchers. We remain comfortable with our forecast of 2.3 million Macs against consensus estimates of 2.2 million."

But iPhone sales appear "slightly below" the consensus view, Wu warned, saying: "It appears Europe's ramp is less robust than expected due to high pricing and customer service snags offset by better than expected strength in the US."

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