Stock Quotes in this Article: AAPL, MFLEX, NOK, RIMM

NEW YORK (Trefis) -- We believe Apple (AAPL) is set to report its best ever results on January 24, when it will announce its December 2011 ending quarterly results. In a separate analysis, we discussed that the research around iPhone 4S sales suggests that Apple's upcoming quarterly results are in for a positive surprise.

The recently announced strong results by Apple's suppliers' such as MFLEX and Foxconn strengthen our case further. Apple continues to crush competition in the smartphone market with players such as Research in Motion (RIMM) and Nokia (NOK) struggling to play catch up with Apple.

Our $500 price estimate for Apple stock is about 20% above market price.

See our complete analysis of Apple.

Multi-Fineline Electronix (MFLEX) announced better than expected preliminary results, and indicated that it was made possible by “improving supply chain situation in Thailand and an increase in shipments to our largest key customer,” widely believed to be Apple. Foxconn Electronics, another Apple supplier, also reported strong quarterly resuts possibly boosted by strong iPhone and iPad sales.

These results go to show that Apple could have sold a record number of iPhones and iPads last quarter. We estimate that Apple would have sold about 26 million iPhones and 14 million iPads in the last quarter.

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