Apple Estimates Raised Above Consensus at Bernstein

The firm sees continued upward pressure on margins from the company's mix shift to iPhone and notes the Street is modeling a $100+ drop in average prices for the iPhone over the next two years with a 700bp deterioration margins which they see as aggressive. F10 EPS is raised to $11.99 from $11.67 vs. Reuters $11.76 with f11 raised to $13.73 from $12.72 vs. Reuters $13.43. Target remains $250 with the shares rated outperform. TMTAnalyst