Gabelli & Co.’s Hendi Susanto this morning Reiterated a Buy rating on shares of Apple (AAPL), while adjusting estimates for the fiscal Q2 ended last month to reflect higher Mac and iPad sales, but lower projected iPhone sales. Susanto cut iPhone estimates in order to be more “conservative” with expectations, and also out of an expectation some buyers may hold off on buying the iPhone 4S while they wait for an “iPhone 5” later this year. Susanto’s estimate goes to 31.7 million units from a prior 33.57 million units. For the iPad, Susanto now sees 10.47 million units shipped, up from a prior 9.39 million-unit estimate. Macs now are expected to total 4.63 million units, up from 4.59 million previously. Susanto now sees $39 billion in Q2 revenue, down from $39.5 billion, and EPS of $10.12, down from $10.27. The Street consensus currently is for $36.2 billion and $9.83 per share. However, gross margin is expected to be 42%, up from a prior estimate of 41. 5%, despite the lower sales of the iPhone, which generally carry a higher profit margin than either Mac or iPad. Susanto thinks the prior margin estimate was too low. Apple shares today are up $4.09, or 0.7%, at $628.40. (from barrons, 04/05)