Apple Q1 2009 Earnings Call today

Apple’s shares are at a two year low, trading at just over 78 at Tuesday’s close.  Pulled under by the general economic gloom, lowered consumer spending and concerns about Steve Jobs’ health, Apple hopes to assure investors today that the company will weather the storms.  Wall Street analysts have different outlooks.  According to two of the bigger analysts, Piper Jaffay’s Gene Munster and Bernstein Research’s Toni Sacconaghi, the numbers should look something like this:

• Mac sales. Munster: 2.5 million to 2.6 million. Sacconaghi: 2.57 million
• iPod sales. Munster: 18.6 million. Sacconaghi: 18.1 million
• iPhone sales: Munster: 6.4 million. Sacconaghi: 3.5 million to 4 million

Interestingly, Munster keeps his $235 price target on Apple even though it has lost over half of its value since he set that price target.   While a year ago, when Apple was trading at 200, this seemed attainable, now it just seems silly.  Unless Apple has some sort of device waiting in the wings that no person can be without, 235 isn’t going to happen in 2009.  Most Apple investors would probably be happy with 135.  Munster needs to admit he was wrong and lower his expectations.

I also think Apple might have some surprises in its earnings call.  Particularly in the apps department.