Analyst Believes Apple (AAPL) Could Miss Street's Lofty Q3 Sales Estimate
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Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 24 | New: 24
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In what soon could become a trend on the sell side, another analyst warned of possible lofty expectations for Apple (Nasdaq: AAPL) moving into the company's third-quarter report and beginning of the fourth quarter.
Pacific Crest's Andy Hargreaves said Apple is unlikely to hit the Street's third-quarter sales estimate as traders could be underestimating slowing iPhone sales over the next three months. The analyst also suggested fourth-quarter estimates "appear too high."
Despite the warning, Hargreaves believes "extremely strong expectations" for the upcoming iPhone 5 will likely blow away any concerns.
On Tuesday, a Gabelli analyst reduced shipments for Apple devices across the board, citing worse-than-expected macro weakness. On Thursday of last week, strategists at Citi removed Apple shares from the company's "Champions" list.
The maker of the iPad, iPhone and Mac will report its latest quarterly figures on Tuesday, July 24th. The Street consensus estimates sit at $10.38 for earnings and $37.33 billion for sales.
Shares of Apple are very modestly higher Wednesday morning. The stock last traded at $607.61, up about 0.1 percent from Tuesday's close.
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Pacific Crest's Andy Hargreaves said Apple is unlikely to hit the Street's third-quarter sales estimate as traders could be underestimating slowing iPhone sales over the next three months. The analyst also suggested fourth-quarter estimates "appear too high."
Despite the warning, Hargreaves believes "extremely strong expectations" for the upcoming iPhone 5 will likely blow away any concerns.
On Tuesday, a Gabelli analyst reduced shipments for Apple devices across the board, citing worse-than-expected macro weakness. On Thursday of last week, strategists at Citi removed Apple shares from the company's "Champions" list.
The maker of the iPad, iPhone and Mac will report its latest quarterly figures on Tuesday, July 24th. The Street consensus estimates sit at $10.38 for earnings and $37.33 billion for sales.
Shares of Apple are very modestly higher Wednesday morning. The stock last traded at $607.61, up about 0.1 percent from Tuesday's close.
Visit our Analyst Ratings page to track all the market-moving analyst calls on shares of Apple.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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Yev on Jul 18, 2012 10:56 PMMark as Spam | Reply to this comment
When you write a story provide all facts, citi removed apple because they don't have an analyst covering the stock. But I am sure you're not that dumb and left it out on purpose.