Analyst Cuts Estimates on Apple (AAPL) Amid 'Potentially Slower Smartphone Growth in US'; Reiterates Outperform
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Price: $439.66 -0.74%
Rating Summary:
52 Buy, 12 Hold, 1 Sell
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Today's Overall Ratings:
Up: 13 | Down: 25 | New: 24
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 25 | New: 24
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Credit Suisse's Kulbinder Garcha reduced estimates on none other than Apple (Nasdaq: AAPL) Friday morning. The analyst cited "potentially slower smartphone growth in the US..."
Garcha is now expecting Apple to report CY12 EPS of $49.34 (down 3 percent from his prior estimate) and CY13 EPS of $59.15 (down 5 percent from the previous estimate). Despite the lower revision, the Credit Suisse analyst said "While we see a weaker near term outlook given carrier pressures, with an ability to execute and innovate across the compute market, we believe that Apple will see robust bottom-line growth of 40%/20%..." for this year and next, respectively.
Garcha reiterated an Outperform rating and $750 price target on shares of Apple.
With the stock down about 1.2 percent to $563.49 in pre-open action Friday, Garcha's price target represents potential upside of about 33 percent.
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Garcha is now expecting Apple to report CY12 EPS of $49.34 (down 3 percent from his prior estimate) and CY13 EPS of $59.15 (down 5 percent from the previous estimate). Despite the lower revision, the Credit Suisse analyst said "While we see a weaker near term outlook given carrier pressures, with an ability to execute and innovate across the compute market, we believe that Apple will see robust bottom-line growth of 40%/20%..." for this year and next, respectively.
Garcha reiterated an Outperform rating and $750 price target on shares of Apple.
With the stock down about 1.2 percent to $563.49 in pre-open action Friday, Garcha's price target represents potential upside of about 33 percent.
Visit our Analyst Ratings page to track all the market-moving analyst action on shares of Apple.
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