Wall Street Has Apple's Revenue Estimates Way Too Low, Says Gene Munster

Tim Cook iPad

AP

Apple CEO Tim Cook

Apple is up 3.3% in pre-market trading to $566.70.

The stock is moving after Apple confirmed that it has a deal with China Mobile, the world's biggest wireless carrier.
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Apple will start selling iPhones on China Mobile on January 17, which Piper Jaffray analyst Gene Munster says "de-risks" the March quarter. In other words, there was concern of a weak March quarter, but with a fat new customer, Apple should sell a lot of iPhones.
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Munster is calling for 17 million iPhones to China Mobile next year, and says the deal will add 5% to analyst estimates for revenue in fiscal 2014. (So, expect analysts to start upping their estimates.) What a difference a year makes for Apple.
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At this time last year, the stock was in free fall as everyone believed the company's iPhone sales had hit a wall.
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Today, it has a new distribution partner, and it's geared up for a big 2014 with new iPhones, and perhaps entirely new product categories.