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Bet on an Apple Beat: Sacconaghi

Apple earnings will beat expectations and give investors two things to watch: iPhone sales and gross margins, Toni Sacconaghi of Sanford Bernstein said Wednesday on CNBC.

"Fifty-two million iPhones or above would be considered a blow-out, and that would be very favorably viewed," he said. "I think 46 or less would certainly be considered disappointing, and then it's kind of your call on where it comes in between that range."

On "Fast Money," he said he expected sales of iPhones to hit 50 million units. He also held a price target of $750 for the stock and an "outperform" rating.

Sacconaghi expected revenue of $57.4 billion and earnings per share of $14.50, higher than Wall Street consensus of $54.6 billion and $13.35 EPS.

(Read More: Apple Could Rally on Small Miss: Taner)

"I think the focus is going to be more on the guidance," he added, noting that Apple issues conservative numbers.

(Read More: Apple 'Entering Growth Purgatory': Sacconaghi)

Trader disclosure: On Jan. 23, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Jon Najarian is long AAPL CALL SPREADS; Jon Najarian is long GOOG CALL SPREADS; Jon Najarian is long IBM CALLS; Jon Najarian is long ISRG CALL SPREADS; Jon Najarian is long CREE CALLS; Jon Najarian is long NFLX PUTS; Jon Najarian is long D CALLS; Steve Weiss is long RIMM; Steve Weiss is long WLT; Steve Weiss is long FB; Pete Najarian is long AAPL; Pete Najarian is long BAC CALLS; Pete Najarian is long JPM CALLS; Pete Najarian is long RIMM CALLS; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long FB CALLS; Pete Najarian is long MSFT; Pete Najarian is long WLT CALLS; Enis Taner is long GS; Enis Taner is long YHOO; Enis Taner is long AAPL CALL FLY; Enis Taner is long FB PUT FLY; Enis Taner is long SPY PUTS;

For Toni Sacconaghi
Bernstein currently makes a market in the following companies AAPL / Apple Inc.


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