Apple (AAPL) Positive Reaction 'Premature' - JPMorgan
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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.
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