COMPAQ <CPQ> EXPECTS HIGHER FIRST QUARTER NET Compaq Computer Corp said it expects sales and earnings for the first quarter of 1987 to be higher than analysts expectations due to strong demand for its products. Rod Canion, president and chief executive officer of Compaq, said he expects sales of over 200 mln dlrs for the period ending March 31, above analysts' estimates of 165-185 mln dlrs. He added that earnings per share would exceed analysts estimates of as high as 42 cts a share. Compaq reported earnings of 8.3 mln dlrs, or 30 cts a share, and sales of 144 mln dlrs for the first quarter 1986. The company said demand for its DESKPRO 386, PORTABLE III and the new COMPAQ DESKPRO 286 will contribute to the sales increase. "The initial demand for the recently introduced COMPAQ PORTABLE III and the new models of the COMPAQ DESKPRO 286 exceeds that of any other Compaq personal computers," Canion said. "We saw continued demand for our personal computers across the quarter, with March (1987) being a particularly strong month.