Jefferies Expects Strong CQ2 for Apple

Jefferies has published a report on Apple AAPL 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.