Apple (AAPL) Positive Reaction 'Premature' - JPMorgan
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends little changed; Microsoft hits record
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
- Rockwell Automation (ROK) Said to Attract Takeover Interest from Schneider Electric - Source
- British American Tobacco Offers to Acquire Remaining Shares of Reynolds American (RAI) for $56.50/Share
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
JPMorgan analyst Rod Hall issued some cautious comments on Apple (NASDAQ: AAPL) this morning, saying the positive reaction in shares based on early carrier iPhone pre-order data is premature.
Hall commented, "Our current US iPhone Y/Y growth estimate of 4% for the Dec QTR within our below consensus iPhone sell-through expectation of 69.4m units looks, if anything, optimistic against our Telco team's bottom up modeling."
He added, "We note that Apple typically runs shortages at this point in a launch and that this is likely exacerbated by lower initial builds than we saw last year."
The firm is sticking with their cautious late 2016 stance on Apple based on their below Street iPhone expectations though they continue to believe the stock is undervalued with better options for growth in 2017.
Shares of Apple closed at $114.92 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Apple (AAPL) October weekly volatility elevated into Q4 and outlook
- Imperial Capital Raises Price Target on Proofpoint (PFPT) Following Strong 3Q Results
- RBC Capital Raises Price Target on Benchmark Electronics (BHE) Following In-Line 3Q
Create E-mail Alert Related CategoriesAnalyst Comments, Hot Comments, Trader Talk
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!