Jefferies Reports On CQ1 Implications Of Legal Filing For AAPL

Jefferies is reporting that numbers included in Apple AAPL's legal filing against Samsung show an upside in CQ1. In the report, Jefferies writes, “The complaint filed by Apple against Samsung implies 18.1M iPhones were sold in CQ1 (JEF 16.0, St 16.3M) and 4.2M iPads (JEF 7.0M, St 6.3M), but we do not think the iPad numbers in the complaint include iPad 2. we expect CQ1 iPad shipments inline with consensus and see possible upside to iPhone shipments. We expect CQ2 guidance below consensus and GM pressure due to Japan, but we believe this is priced into the stock and reiterate our Buy.” Jefferies maintains a Buy rating and price target of $450 on AAPL. AAPL closed at $337.86 yesterday.