A record 7.4 million iPhones were sold in the third quarter of 2009. Analyst Brian Marshall is betting the fourth quarter will surpass everyone's expectations and predicts that Apple will see iPhone sales of 11.3 million units.
Marshall also raised his target for Apple shares to $260 each, making Broadpoint.AmTech's predictions the most optimistic on Wall Street. He believes that Apple is currently the best technology company on the planet.
11.3 million iPhones would represent a 50% increase over sales in the previous quarter. The consensus on Wall Street is that Apple will likely sell 8.8 million iPhones in the fourth quarter.
Marshall explains that "despite the enormous success of the iPhone since inception in July ’07, we strongly believe the device is still in its infancy with respect to penetrating the global post-paid subscriber market.""For example, our analysis indicates that while the iPhone currently enjoys 5.0% penetration of [AT&T's] post-paid subscriber base, the penetration of its current international carrier partners’ post-paid subscriber base is only 0.8%."
He expects that sales will be booming in countries where the per capita income is equal or greater than US $20,000.