U.S. Markets closed

Apple Q1 results tonight could be positive catalyst, says FBR Capital

FBR Capital said its channel checks throughout Apple's Q1 indicated "exceptionally strong" demand across the company's product segments, particularly for the iPhone 5 and iPad mini. The firm raised its near-term earnings estimates and thinks Apple's Q1 report tonight could serve as a positive catalyst, but lowered its 2013 earnings estimate to $54.24 from $55.67 to reflect extended gross margin pressure from supply chain adjustments. FBR dropped its price target for Apple shares to $675 from $725, but maintains an Outperform rating on the name.