Canaccord Genuity Lowers Estimates on Apple (AAPL); Channel Checks Indicate Modest Slowing in iPhone 4S
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Price: $442.14 --0%
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 6 | New: 13
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 6 | New: 13
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Canaccord Genuity reiterates a 'Buy' on Apple (NASDAQ: AAPL) price target raised to $740 from $710.
Analyst, T. Michael Walkley, said, "Based on strong global iPhone sales and the successful launch of the new iPad, we believe Apple will post strong Q2/F2012 results. However, our recent channel checks indicate modestly slowing iPhone 4S sell-through trends in developed markets. We have lowered near-term iPhone unit estimates, but we have increased our F2013 iPhone estimates as we anticipate very strong demand for an LTE iPhone 5 ramping during the December quarter. We maintain our belief Apple is well positioned for strong sales and earnings growth driven by new product introductions across its portfolio."
"Due to these changes, we lower our F2012 EPS estimate to $43.13 from $44.58
but raise our F2013 estimate to $52.79 from $50.68."
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 $608.34 yesterday, with a 52 week range of $310.50-$644.00.
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Analyst, T. Michael Walkley, said, "Based on strong global iPhone sales and the successful launch of the new iPad, we believe Apple will post strong Q2/F2012 results. However, our recent channel checks indicate modestly slowing iPhone 4S sell-through trends in developed markets. We have lowered near-term iPhone unit estimates, but we have increased our F2013 iPhone estimates as we anticipate very strong demand for an LTE iPhone 5 ramping during the December quarter. We maintain our belief Apple is well positioned for strong sales and earnings growth driven by new product introductions across its portfolio."
"Due to these changes, we lower our F2012 EPS estimate to $43.13 from $44.58
but raise our F2013 estimate to $52.79 from $50.68."
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 $608.34 yesterday, with a 52 week range of $310.50-$644.00.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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