Apple (AAPL) June Results & Guidance Won't Impress, Goldman Raises Target to $515
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Price: $169.02 --0%
Rating Summary:
39 Buy, 25 Hold, 7 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 8 | New: 5
Rating Summary:
39 Buy, 25 Hold, 7 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 8 | New: 5
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Goldman Sachs today maintained a Buy rating on Apple (NASDAQ: AAPL) and raised its price target of $515.00 (from $500.00). Analyst Bill Shope expects a challenging June quarter for Apple, and he think the stock could remain range-bound ahead of color on its next-gen products.
"We believe Apple can meet expectations, but upside is unlikely and guidance should be below consensus. Indeed, as the company gears up for its fall product refresh, iOS units should face continued pressure and decline sequentially. In addition, continued mix shifts towards lower-priced SKUs in both the iPhone and iPad product families are likely to pressure gross margins, where we expect yet another sequential decline." Bill Shope,
Goldman sees revenue and EPS of $35.11 billion and $7.17, slightly below Street estimates of $35.17 billion and $7.33. Goldman expects Apple to guide below the Street with September revenue of $35.32 billion and $7.33, versus consensus of $37.90 billion and $8.18.
"Little of this should be a surprise to investors, so we suspect the shares will remain range-bound after the print, though we remain optimistic that fundamentals and the stock price will begin their recovery as we enter the next product cycle refresh this fall," added the analyst.
For an analyst ratings summary and ratings history on Apple (NASDAQ: AAPL) click here. For more ratings news on Apple click here.
Shares of Apple closed at $415.05 yesterday.
"We believe Apple can meet expectations, but upside is unlikely and guidance should be below consensus. Indeed, as the company gears up for its fall product refresh, iOS units should face continued pressure and decline sequentially. In addition, continued mix shifts towards lower-priced SKUs in both the iPhone and iPad product families are likely to pressure gross margins, where we expect yet another sequential decline." Bill Shope,
Goldman sees revenue and EPS of $35.11 billion and $7.17, slightly below Street estimates of $35.17 billion and $7.33. Goldman expects Apple to guide below the Street with September revenue of $35.32 billion and $7.33, versus consensus of $37.90 billion and $8.18.
"Little of this should be a surprise to investors, so we suspect the shares will remain range-bound after the print, though we remain optimistic that fundamentals and the stock price will begin their recovery as we enter the next product cycle refresh this fall," added the analyst.
For an analyst ratings summary and ratings history on Apple (NASDAQ: AAPL) click here. For more ratings news on Apple click here.
Shares of Apple closed at $415.05 yesterday.
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