Apple's iPhone Sales Will Help Drive a 20% Quarterly Revenue Gain

Apple (AAPL) will likely report iPhone sales of about 47 million units when it delivers quarterly results, according to Angelo Zino, Equity Analyst at S&P Capital IQ. Zino says as a result, top line growth will increase by 20 percent. Zino thinks there's still a lot of room for growth in sales of the iPhone 6, noting that through the June quarter, only 27 percent of the iPhone user base had upgraded to the latest version. Zino adds that sales of Mac computers will likely stabilize in the quarter, but tablet sales are expected to show steep declines. Zino says a new product launch for iPad in November will help sales of that product in subsequent quarters. Zino has a strong buy rating on Apple, with a price target of $150.