Gabelli Cuts Q3 Shipment Estimates for Apple (AAPL) Devices Amid Macro Weakness

Gabelli's Hendi Susanto lowered shipment estimates for Apple (Nasdaq: AAPL) devices across the board Monday, citing a more negative impact from macro weakness. The analyst's note comes just ahead of Apple's third-quarter results on Tuesday, July 24th.

• iPad - from a prior estimate of 15.5 million units to 14.8 million units. Susanto noted the "market opportunity in China was limited as there were no official sales of the new iPad in China until July 20, 2012—later than we anticipated."
  
• iPhone - from 34.6 million units to 30.5 million. Cited "delayed customer purchases due to anticipation of the next iPhone’s introduction."
  
• Mac - from 4.3 million to 4.1 million. In addition to delayed customer purchases following the new versions of the Macbook Pro and Air, Susanto pointed to IDC data for the June quarter which showed global PC shipments fell 0.1 percent year over year, below the Gabelli analyst's estimate for growth of 2-2.5 percent.
  
• iPod - from 6.6 million to 6.4 million.

Gabelli maintains a Buy rating on shares of Apple ahead of the quarterly report.

Visit our Analyst Ratings page to track all the market-moving analyst action on shares of Apple.

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