Apple: J.P. Morgan, Canaccord, William Blair All Lift Estimates

The beat goes on; the beat goes on. – Sonny & Cher.

For Apple (AAPL), the earnings beat goes on, and on. And so the Street continues to ratchet up expectations for the world’s second-largest company by market cap.

As I’ve chronicled on the blog lately, estimates for Apple’s fiscal fourth quarter ended September have been ratcheting up ahead of the company’s upcoming report, which due after the close on October 18. And this morning, the drums keep pounding.

• J.P. Morgan analyst Mark Moskowitz this morning repeats his Overweight rating and $400 target on the stock, while lifting his EPS estimates. For the September quarter, he now sees revenue of $18.71 billion and profits of $4.20 a share, up from $18.13 billion and $4.01. “Our latest checks indicate that both the iPhone and iPad possess increasing upside potential,” he writes. “We also expect component price declines to help Apple counter its free iPhone 4 bumper program and light yields on newer products.” The analyst notes that his current model does not include a contribution from a Verizon iPhone; he lifted his FY 2011 EPS forecast to $18.23, from $17.66, but said the number could ratchet up $2 if a Verizon iPhone really appears early next year.
• Wiliam Blair analyst Ralph Schackart today lifted his Outperform rating on the stock, and increased estimates. He now sees iPad sales for calendar 2010 of 11-12 million, up from a previous estimate of 10.5 million; for fiscal 2011, he goes to 19 million, from 12.5 million. He now sees FY Q4 iPhone units at 12 million, up from 11.4 million; his forecast on iPads for the quarter goes to 4 million, from 3.75 million. His new Q4 EPS estimate is $4.03, up from $3.92; for FY 2011, he goes to $17.94, from $17.08.
• Canaccord Genuity analyst T. Michael Walkley likewise repeated his Buy rating and $366 target, while lifting estimates based on strong trends for the iPad and iPhone. He sees profits for Q4 of $4.02 a share; his FY 2010 forecast goes to $14.53, from $14.32.� For FY 2011, he now sees $18.31, up from $18.28.

AAPL this morning is up $1.36, or 0.5%, to $290.55.