Full Apple Analyst Field Updates Ahead of Earnings (AAPL, IAH, QQQQ, XLK, QLD, IYW)

Apple Inc. (NASDAQ: AAPL) has earnings due on Monday, October 18, 2010, after the closing bell.  While we wanted to look at the consensus data, we also wanted to see what were some of the key individual calls and trends this last week and shortly longer ago than that.  Now that shares have broken above $300, it is probably of little surprise that targets and estimates have been on the rise.

As far as consensus data, Thomson Reuters has estimates of $4.03 EPS and $18.76 billion in revenues.  Some analysts are north of $4.20 EPS and above $19.5 billion in revenues.  The consensus from Thomson Reuters for the following quarterly report is $4.99 EPS and $22.06 billion in revenues.  Be advised that the report on Monday will give it the formal September year-end for 2010 and those estimates are $14.50 EPS and $63.56 billion in revenues.  In case Steve Jobs decides to make any outlines for a year out, the consensus data is $17.89 EPS and $80.44 billion for Fiscal-2011.  Keep in mind that all consensus targets may be slightly different by Monday morning as estimates get tweaked at the last-minute and over weekends.

Keep in mind that while Apple’s gain is often at peers, but Apple comprises over 22.7% of the Internet Architecture HOLDRs (NYSE: IAH) and it is nearly 20% of the highly traded PowerShares QQQ (NASDAQ: QQQQ) weighting. Apple also comprises more than 11.7% of the Technology Select Sector SPDR (NYSE: XLK), comprises more than 16% in the ProShares Ultra QQQ (NYSE: QLD), and has more than 12% of the weighting of the iShares Dow Jones US Technology (NYSE: IYW).  There were some key calls this week and this is a partial field of those calls and these are in no particular order:

• Ticonderoga said it more than doubled its forecasts for Apple to sell about 45 million iPads in 2011.
• A small firm called Hudson Square even noted a $500 target based on increased market opportunities.
• Citigroup recently said that earnings were likely to be above its estimates with higher gross margin on component prices.
• Piper Jaffray has an Overweight rating and a $390 price target.
• Deutsche Bank reiterated a Buy rating and a $375 target.
• Jim Cramer has touted the stock all week ahead of earnings and said that this $300 mark eclipse was barely a speed bump up to $325.  Cramer aimed previously to have the highest earnings target on Apple.
• Barclays also reiterated its Overweight rating and $385 target, no big deal on the surface.  The issue is where it thought it could in market cap.
• Stern Agee raised estimates but reiterated a BUY and $320 target on the stock.

Calls in the two weeks before this last two-week period that stood out were below.

• Bank of America/Merill Lynch reiterated its Buy but raised its target to $400 from $365 and raised estimates for 2011 and 2012.
• Oppenheimer reiterated an Outperform rating and raised its target to $345 from $330 along with the note of raised estimates.
• Canaccord Genuity reiterated its Buy rating and the target here was $366.
• Jefferies started a Buy rating on the stock under new coverage.
• BMO Capital reiterated an Outperform and had listed the target to $328 from $320.

On all the analyst targets we have noted, keep in mind that some of these may have even changed since then.  These are from notes we have kept with standout calls.

As far as overall trends, you can see above that price targets and objectives even became more bullish ahead.  While the summer was full of slowdown, analyst targets continued their rise for earnings estimates.  The stock now trades at roughly 2-times 2010 earnings and roughly 17-times 2011 estimates.

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As far as the chart is concerned, the all-time highs and the run over $300 will mark what does not even need to be said.  Chart from StockCharts.com:

JON C. OGG