But raises iPad unit sales to 3.5 million and lifts Apple price target to $349 per share
Here’s something unusual for an Apple AAPL analyst. Two weeks before the company is scheduled to announce its fiscal third quarter earnings, Kaufman Bros.’ Shaw Wu has lowered his sales estimate for Apple’s most important cash cow, the iPhone, while raising his price target for Apple’s shares.
In a note to clients issued Tuesday morning, he cut his Q3 iPhone sales estimate 16%, from 9 million units to 7.5 million.
Although Apple brings out a new iPhone every summer, Wu thinks this product transition is “more impactful” than previous ones because it involves two brand new phones — the iPhone 4 and the 8 GB iPhone 3GS. “With the new storage capacity, this is not as simple as taking the previous product and marking the price down.”
Meanwhile, Wu is raising several other numbers:
- Q4 iPhone sales: to 10.5 million units from 10.3 million
- Q3 iPad sales: to 3.5 million from 3.3 million
- Apple price target: to $349 per share from $342, based on what he believes is a “reasonable” 17.5 x multiple on his estimated earnings per share for calendar 2011 of $17.35, plus net cash.
His iPod and Mac unit forecasts remain unchanged at 9.8 million and 3.2 million, respectively.
[Follow Philip Elmer-DeWitt on Twitter @philiped]