The launch of the iPhone 5 by Apple Inc.(NASDAQ:AAPL)on Wednesday has, predictably, sent analysts scurrying to their excel sheets to revise their estimates of the sales of the new device and what the impact would be on the company's bottom line.
Piper Jaffray analyst Gene Munster, a sell-side analyst, maintained his price target for the company at $910 a share.
Shares in the Cupertino company rose 1.4 percent to $669.79 after the launch.
According to Munster the phone will meet or exceed customer expectations. His new estimates are - the phone will sell about 6 to 10 million units in the September quarter itself. he total sales of all the iPhones put together is expected to be in the region of 27 million, which is up from the 22 million previously forecast.
Will AAPL Hit $1000 BY This Year? Find Out Here
The brokerage termed the launch as the largest Consumer Product Launch in history.
"Apple Inc. announced the iPhone 5 today including a 4 inch screen, LTE, and redesigned aluminium/glass casing. Piper believes that the phone itself was largely in-line with investor and consumer expectations given various photos of the phone from blogs. The new phone launches September 21st, also as widely expected."
Piper has estimated that in the September quarter Apple's revenues would rise by 9 percent.
While Munster previously expected December units to shift to September for a September launch, Piper is maintaining Piper’s 49 million December estimates as they believe Apple can still deliver on the 32 percent year on year growth that number assumes. They believe that there is a good chance the iPhone 5 launches in China by December.
Shares of AAPL jumped another 1.20% on Thursday.