By Philip Elmer-DeWitt
March 13, 2012

Ups his Apple price target $100 to $699 and 2012 iPhone sales from 145 to 155 million

It sounds like Peter Misek, Jefferies & Company’s senior Apple (AAPL) analyst, had a productive trip to Asia. In a note to clients Monday, he summarized what he found:

  • Signs that Apple may be preparing to begin commercial production of a full-fledged television — which he calls iTV — around May or June for a pre-Christmas launch. His evidence, however, is pretty slim: small quantities of¬†polarized films, filters, and IGZO components starting to ship to Apple’s Asian panel suppliers.
  • Disappointment in Asia that the new iPad comes with a dual-core (and not a quad-core) CPU, which was taken as a sign that Apple’s A6 chip has been delayed.
  • Despite widespread concerns that Apple would not be able to get its hands on enough large-screen Retina displays to meet demand for the new iPad, he believes those concerns were¬†overblown. “We believe,” he wrote, “that builds of 12M to 15M for iPads in CQ1 look reasonable, and our checks indicate that Apple is attempting to boost builds for CQ2 from 15M-18M to 18M-20M.
  • Signs that iPhone builds have increased significantly, with Foxconn producing an estimated 150 million units in calendar 2012 and Pegatron making anywhere from 25 to 40 million.”
  • He continues to believe that Apple will release an iPhone 5 in calendar Q3 and could build as many as 50 million this year. He’s expecting an A6 processor and a new design with a wider shape and a 4 to 4.3-inch screen

Misek has upped his Apple price target to $699 (from $500), raised his 2012 iPhone sales estimate to 155 million (from 145 million) and increased his fiscal Q2 iPhone sales estimate to 33.2 million from 28 million.

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