Apple (AAPL) Estimates Trimmed at Canaccord Genuity, 'Buy' Maintained

October 29, 2013 9:18 AM EDT
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Canaccord Genuity analyst Michael Walkley reiterated a Buy rating and $580 price target on Apple (NASDAQ: AAPL) following Q4 results but trimmed some estimates.

Walkley said, "For F2014/15, we believe a TD-LTE iPhone launch with the world's largest carrier China Mobile could bolster March quarter sales and offset some of the post-Holiday seasonal trends in Western markets, and we believe Apple is well positioned to exceed forward consensus estimates despite our expectations for more aggressive iPhone 5c pricing to drive international volumes in C2014."

Walkley added "We believe Apple's strong Q1/F14 guidance, after accounting for the incremental $900M in software deferral revenue, is consistent with our above-consensus estimate and expectations that a favorable iPhone and iPad mix shift should result in stronger holiday quarter ASPs and margins versus consensus.”

Walkley lowered his 2014 and 2015 Annual EPS estimates to $42.75 and $48.23, respectively. He also lowered his 2014 and 2015 Annual Revenue estimates to $182.9B and $195.3B, respectively."

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $529.88 yesterday.

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