Sterne Agee Cuts PT on Apple (AAPL) Despite 'Decent' December Quarter

January 24, 2013 7:30 AM EST Send to a Friend
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Price: $111.78 -0.77%

Rating Summary:
    55 Buy, 10 Hold, 3 Sell

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Today's Overall Ratings:
    Up: 14 | Down: 28 | New: 51
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Sterne Agee's Shaw Wu lowered his price target on Buy-rated Apple (NASDAQ: AAPL) from $840 to $715 following Q1 results.

Commenting on the quarter, Wu notes: "AAPL reported the strongest quarter in its 36-yr history adding $16 billion in cash but below expectations of a bigger beat that investors have grown accustomed to. iPhone and iPads were decent but Macs missed materially. Its outlook was vintage conservative but warned may be more realistic than historically been. This is bitter medicine but we see as the right move in resetting consensus. We don't think the AAPL growth story is over but shares will likely languish until confidence is restored."

For FY13, the firm is now at $187.4 billion in revenue and $47.05 in EPS (from $192.6 billion and $49.50 in EPS) vs. consensus at $189.7 billion and $48.03 in EPS and for FY14, $213.6 billion in revenue and $55.00 in EPS (from $221.6 billion and $58.50 in EPS) vs. consensus at $218.2 billion and $56.59 in EPS.

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 $514.01 yesterday.


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