Apple (AAPL): iPhone Sales DOWN Y/Y - Rosenblatt
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Rosenblatt analyst, Jun Zhang, reiterated his Neutral rating on shares of Apple (NASDAQ: AAPL) and believes that factories did not ship enough iPhone 7/Plus units due to a slower production ramp on the Plus and black model in 3Q. This may have pushed more production into CQ4.
The analyst stated "initial sales of the iPhone 7 are still down YoY compared to the 6S. Sales of the iPhone 7 in China in the first ten days were down 15% YoY from the 6S (we might need to wait for the iPhone 7 to fully supply for a more accurate comparison). All legacy models (including the 6, 6S, 5S, and SE) are down YoY in September."
No change to the price target of $102.
Shares of Apple closed at $112.18 yesterday.
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