Oct. 19 (Bloomberg) -- Apple Inc., releasing fourth- quarter results after U.S. markets close, may have to report earnings of at least $1.60 a share to push the stock higher, according to Broadpoint AmTech Inc. analyst Brian Marshall.

Analysts in a Bloomberg survey project a profit of $1.43 a share, 17 cents below traders’ “whisper number” for Apple. That compares with Apple’s prediction of as much as $1.23. Apple’s Snow Leopard, its latest operating system for Macintosh computers, will be key to beating targets, Marshall said.

“Apple tends to be conservative in its estimates,” said the San Francisco-based analyst, who advises investors to buy the shares. “The stock can continue to rise, especially if Apple shows strong shipments in Snow Leopard, which go directly to its bottom line, and iPod sales.”

As of Sept. 17, Snow Leopard had outsold previous versions of the Macintosh operating system, helped by a price reduction of more than $100, according to NPD Group Inc. Apple has defied investors’ concern that the economy would muffle demand, with sales and profit topping analysts’ estimates in each of the prior three quarters.

In the latest quarter, which ended in September, Chief Executive Officer Steve Jobs started selling the iPhone 3GS in more countries, cut iPod prices and added models and ran a back- to-school promotion for the Mac to encourage sales.

Shannon Cross, an analyst with Cross Research in Livingston, New Jersey, said investors are looking for earnings to be $1.45 to $1.50 for the fourth quarter. Apple may need to beat $1.50 to push the stock “to move higher, which may almost be impossible,” given its performance this year, she said.

Apple has more than doubled this year. The Cupertino, California-based company rose $1.81 to $189.86 at 4 p.m. New York time in Nasdaq Stock Market trading.

Marshall predicts Apple earnings will rise to $1.66 a share, compared with Cross’s estimate of $1.44.

To contact the reporter on this story: Kelly Riddell in Washington at Kriddell1@Bloomberg.net; Rochelle Garner in San Francisco at rgarner4@bloomberg.net

Last Updated: October 19, 2009 16:11 EDT