Apple (NASDAQ:AAPL) iPhone Sales Upwardly Adjusted on Verizon (NYSE:VZ) Version

Pacific Crest Securities has increased its estimate of Apple Inc. (NASDAQ:AAPL) iPhone sales based on expectations the Verizon Communications (NYSE:VZ) version of the smartphone will exceed expectations.

Analyst Andy Hargreaves raised his iPhone sales estimate for full year 2011 to 59.9 million, up from his previous estimate of 54.1 million.

In the second quarter, he sees Apple selling 15.2 million units of the smartphone.

As for EPS estimates, they were raised for full year 2011 from $18.43 to $19.61, and for full year 2012, the EPS estimate was raised from $19.62 to $20.89.

Interestingly, Hargreaves believes the selling price of the iPhone will drop by $40 by the end of Apple's fiscal year, which is September.

Apple closed Friday at $317.44, down by $0.71, or 0.22 percent. Pacific Crest raised their price target on Apple from $330 to $335.