Credit Suisse’s Deepak Sitaraman today reiterates an Outperform rating on shares of Apple (AAPL) and a $500 price target, writing that his recent trip through Asia, and talks with those in the “supply chain,” confined to him that Apple’s iPhone’s share of smartphone sales is rising and will reach 21% in 2012, from 18% in 2011, globally.
Sitaraman is modeling 133 million iPhone units to be shipped in calendar 2012, up from what he estimates was 86 million last year, with “mix” of models “skewed to the higher end 4S.” The “build plans” of manufacturers for the current quarter suggest shipments in the “mid to high 20s,” with his actual forecast for this quarter being 27.9 million units.
His checks suggest an iPhone 5 introduction will come in Q3 of this year.
As for the iPad, which Sitaraman expects to be updated in the second quarter of this year, he’s hearing discussion of continued builds at 10 million to 11 million units. He forecasts 14 million shipments last quarter, and 8 million this quarter, and a total of 39 million last year and 57 million this year.
Previously:
Apple: RBC, Baird See Q1 Beat on iPhone Numbers, January 18th, 2012.
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