) raising estimates for CQ2. In the report, Jefferies states, "We maintain our above consensus estimates of 4.1M Macs (St 4.0M) and 8.0M iPads (St 7.9M). Despite chatter about a pending Macbook Air refresh, we believe volumes were strong. Even with production constraints, we believe iPad shipments were strong. Apple has significantly reduced iPad shipping times this quarter from a couple of weeks to a couple of business days." The report also guesses that the iPhone 4GS will be released in September, with a lower cost iphone released at some point. Jefferies rated Apple a BUY with a price target of $500. Apple closed Thursday at $357.77.