Citing expectations for holiday sales, J.P. Morgan Securities has lifted its revenue and earning per share estimates for Apple, reports CBS Marketwatch. “While we believe concerns over Apple’s valuation are certainly understandable given the stock’s rapid rise, we believe expectations for the company’s revenue and profit growth may still prove conservative,” J.P. Morgan told clients. The firm expects revenue for 2005 to come in at US$12.92 billion (up from $11.4 billion) and earning per share at $1.69 (up from $1.48).