NEW YORK (TheStreet) -- Shares of Apple Inc (AAPL) were slightly down 0.16%% to $127.40 in late morning trading Wednesday, after analysts at Bank of America/Merrill Lynch raised their iPhone estimates earlier today.
The firm said its checks revealed that the near-term iPhone supply chain momentum remains strong.
BofA/Merrill analysts raised their second quarter iPhone estimates to 50 million units from 46 million units.
For fiscal year 2015, the firm upped its estimates to 229 million units from 225 million units, and increased estimates for fiscal 2016 to 223 million units from 200 million units.
The firm reiterated its "buy" rating and $145 price target.
Apple designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, as well as a variety of related software, services, peripherals, networking solutions, and applications.
The company is based in Cupertino, Calif.
Insight from TheStreet's Research Team:
Michael Khouw commented on Apple in a recent post on ActionAlertsOPTIONS.com. During the most recent weekly roundup, this is what Khouw had to say about the stock:
It is hard for a week to go by without discussing AAPL and with developers conference happening, we discussed the short strangle July 125/135 at $3.50, as well as outlining how to sell short-dated options by using a short June 26 (weekly) 125 put in AAPL as an example.
This upcoming week is expiration (regular) for options and, as such, we will have several more alerts to adjust existing positions. Also, we should have plenty more once the new expiry is listed the following week, so stay tuned.