Needham & Company Cuts Estimates on Apple (AAPL); Hold Please!
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Price: $442.93 +2.23%
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 21 | Down: 43 | New: 13
Rating Summary:
52 Buy, 12 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 21 | Down: 43 | New: 13
Trade AAPL Now!
Needham & Company maintains a 'Buy' on Apple (NASDAQ: AAPL) price target of $620.00.
Analyst, Charlie Wolf, said, "With the exception of the iPad, sales of Apple’s key products missed consensus estimates...The chief culprit in the miss was the weak economies across Europe. And while iPhone sales increased 100% year-over-year in mainland China, this increase actually represented a slowdown in growth from previous quarters...Apple’s guidance for earnings of $7.65 on revenues of $34 billion in the fourth quarter reinforced the notion that the spectacular growth Apple has experienced from iPhone and iPad sales over the past several quarters is at least temporarily on hold."
"September should witness another sequential decline in iPhone sales as an increasing number of consumers postpone purchases in advance of the launch of the next iPhone this fall. Surveys suggest that iPhone sales in the December quarter should be off the charts. But until the launch, Apple’s share price is likely to trade in a holding pattern as well." (FY12 EPS estimate cut from $46.45 to $43.75 and FY13 from $55.25 to $50.00)
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 $600.92 yesterday, with a 52 week range of $353.02-$644.00.
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Analyst, Charlie Wolf, said, "With the exception of the iPad, sales of Apple’s key products missed consensus estimates...The chief culprit in the miss was the weak economies across Europe. And while iPhone sales increased 100% year-over-year in mainland China, this increase actually represented a slowdown in growth from previous quarters...Apple’s guidance for earnings of $7.65 on revenues of $34 billion in the fourth quarter reinforced the notion that the spectacular growth Apple has experienced from iPhone and iPad sales over the past several quarters is at least temporarily on hold."
"September should witness another sequential decline in iPhone sales as an increasing number of consumers postpone purchases in advance of the launch of the next iPhone this fall. Surveys suggest that iPhone sales in the December quarter should be off the charts. But until the launch, Apple’s share price is likely to trade in a holding pattern as well." (FY12 EPS estimate cut from $46.45 to $43.75 and FY13 from $55.25 to $50.00)
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 $600.92 yesterday, with a 52 week range of $353.02-$644.00.
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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