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