Jefferies Cuts Estimates On Apple (AAPL) Citing Later iOS 5 and iPhone 5 Launches
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Price: $445.15 +0.68%
Rating Summary:
52 Buy, 12 Hold, 1 Sell
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Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
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Jefferies cut estiamtes on Apple (NASDAQ: AAPL) citing later iOS 5 and iPhone 5 launches, but kept its Buy rating and $450 price target.
"We believe that iOS 5 and the iPhone 5 (both previously expected this summer)
are now unlikely to be available earlier than this fall as Apple incorporates new
cloud-based services," analyst Peter Misek stated.
2011 revenue estimate go from $106.9 billion to $103 billion and and 2012 from $140.6 billion to $133.9 billion. 2011 EPS goes from $24.17 to $23.03 and 2012 from $29.92 to $28.02.
Misek notes that market chatter the past few days is putting the iOS 5 preview at WWDC with launch in late summer/early fall, and iPhone 5 launch in Sep/Oct.
While cutting estimates, they remain above consensus and still like the name. The analyst sees strong results when they report on 4/20 due to stronger than expected iPad sales and continued iPhone strength. Guidance should be strong, but not "blowout" due to some hesitation around Japan supply, particularly regarding margins.
For more ratings news on Apple click here and for the rating history of Apple click here.
Shares of Apple closed at $350.44 yesterday, with a 52 week range of $199.25-$364.90.
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"We believe that iOS 5 and the iPhone 5 (both previously expected this summer)
are now unlikely to be available earlier than this fall as Apple incorporates new
cloud-based services," analyst Peter Misek stated.
2011 revenue estimate go from $106.9 billion to $103 billion and and 2012 from $140.6 billion to $133.9 billion. 2011 EPS goes from $24.17 to $23.03 and 2012 from $29.92 to $28.02.
Misek notes that market chatter the past few days is putting the iOS 5 preview at WWDC with launch in late summer/early fall, and iPhone 5 launch in Sep/Oct.
While cutting estimates, they remain above consensus and still like the name. The analyst sees strong results when they report on 4/20 due to stronger than expected iPad sales and continued iPhone strength. Guidance should be strong, but not "blowout" due to some hesitation around Japan supply, particularly regarding margins.
For more ratings news on Apple click here and for the rating history of Apple click here.
Shares of Apple closed at $350.44 yesterday, with a 52 week range of $199.25-$364.90.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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