From: "Barrett, Paul S" <

From: "Barrett, Paul S" < To: Undisclosed recipients:; Subject: **AAPL -- Apple ** Quick Earnings/ Units Cheat Sheet from JPM's Mark Moskowitz -- Preview note attached ** Approved for External Date: Tue, 24 Apr 2012 18:34:11 +0000 Attachments: AAPL Note-pdfzip AAPL (Apple Inc., $571.70, Overweight) - Price Target $715 (we raised our PT from $625 on 4/3/12) Covered by Mark Moskowitz 415-315-6704 What we expect Tonight (from our revisions piece on 4/3/12)? • Our research indicates that the iPhone and iPad shipment activity in the supply chain implies major upside potential to our previous estimates. • We are not trying to inflate expectations ahead of the Mar-Q print. Our intent is to communicate the incremental delta as identified by our recent research. • The magnitude of the revisions, if accurate, stands to drive increased investor sponsorship of the stock in the near to mid term, in our view iPhone Units (JPMe): March quarter (F2Q12): 31.1MM June Quarter (F3Q12): 33.64MM Sept Quarter (F4Q12): 30.85MM Dec Qtr (F1Q13): 42.63MM CY12: 138.2MM iPad Units (JPMe): March quarter (F2O12): 13.77MM June Quarter (F3Q12): 16.44MM Sept Quarter (F4Q12): 18.33MM Dec Qtr (F1Q13): 21.02MM CY12: 69.56MM MacBook Units (JPMe): March quarter (F2Q12): 4.544MM June Quarter (F3Q12): 4.833MM Sept Quarter (F4Q12): 5.646MM Dec Qtr (F1Q13): 6.066MM CY12: 21.09MM Earnings Estimates: Street: EFTA01176428 March quarter (F2Q12): $10.02 June Quarter (F3Q12): $9.96 Sept Quarter (F4Q12): $10.54 FY12: $44.41 JP Morgan: March quarter (F2Q12): $10.80 $10.99 FY12: $47.22 June Quarter (F3Q12): $11.57 Sept Quarter (F4Q12): This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at http://wwwjpmorgan.corn/pages/disclosures/email. EFTA01176429