joining us now is angelo zino to talk more about apple. good morning to you. thanks very much for joining us. it's a tough act for apple to follow on two levels both following their last quarter results which were a blow-out and also tech results in general over the last week. can they meet expectations? >> so we actually think they will meet expectations. in fact we actually think they will likely beat expectations so our expectation is $2.18 in earnings on revenue of about $56.7 billion, so slightly above the street. right now, we're looking at 56 57 million in iphone sales. that's going to be the key to the quarter. apple is going to need to blow the number out given their recent success in prior quarters and i think investors for the most part are going to be looking at seeing if they can top the $60 million level. still a drop from the $47. -- 74.5 million. nonetheless, it's growth north of 35%. overall, we expect a very good quarter from them. >> angelo given its large international customer base, how much of a negative impact will the stronger dollar ha

let's bring in angelo zino of s&p capital iq and andy hargraves will join us shortly. you just raised your price target to 150. what makes much more optimistic based on this quarter given so much optimism was already in the stock? >> yeah, thanks for having me. really two key reasons for the increase in the target price. the first had to do with the commentary we heard about the iphones. clearly it was a great beat. 61 million shipments. but more importantly is the fact that we've only got about 20% of the active base here that's actually shifted to the iphone 6 and 6 plus. which leaves you an enormous amount of upside potential in the coming quarters. and that's really kind of the first point. the second point being the capital allocation strategy. right? unbelievable number. and at the very least that does provide some nice upside to the bottom line number here over the next two years. >> andy hargraves of pacific crest, you've got a 12-month fair value estimate of $133 which is a little bit low grer where the stock is right now. essentially you're saying that the sto