Bernstein Says Back Away From Apple In Front of Quarter

The firm sees Q2 EPS of $2.59 on $12.6B in revenue (vs. Reuters $2.43 and $11.96B). Higher than expected iPod ASPs and likely conservative gross margin estimates are noted. Shares remain outperform rated with the target raised to $275. GIven the recent run in the shares and high expectations for Q2, the firm would not add to positions prior to the quarter.