iPhone sales seen beating Q2 estimates, no thanks to the iPhone 5

Though Apple (AAPL) still can’t catch a break on Wall Street, the company may surprise us all later this month when it reports iPhone sales figures for the second fiscal quarter. Canaccord Genuity analyst Mike Walkley believes Apple sold more iPhones than he previously expected during the March quarter, and he adjusted his full-year EPS estimates to $43.86 from $43.59 as a result. The analyst now sees Apple selling 37 million iPhones in the March quarter, up from his earlier estimate of 34.5 million, ValueWalk reports. But strong performance from the flagship iPhone 5 wasn’t the reason for Walkley’s adjustment — the analyst lowered his ASP estimate to $601 from $651, reflecting a higher mix of iPhone 4 and iPhone 4S models and further supporting the notion that Apple would be well-served by launching an entry-level iPhone. Walkley reiterated his Buy rating on Apple shares with a $600 price target.

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This article was originally published on BGR.com