Apple (AAPL): Cutting Numbers Ahead of Earnings - Oppenheimer

July 8, 2016 7:52 AM EDT
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Price: $126.27 -0.93%

Rating Summary:
    44 Buy, 20 Hold, 5 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 19 | Down: 9 | New: 59
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Oppenheimer analyst, Andrew Uerkwitz, reiterated his cautious view on Apple (NASDAQ: AAPL) ahead of the 3Q report on 7/26. He believes that questions (China, replacement cycle) debated in previous earnings will matter little, as investors will focus on iPhone 7 release in the fall. and that product cycle should be weak due to lack of major improvements.

He cut FY17 revenue/EPS estimates from $222B/$9.04 to $209B/$8.18 based on lower iPhone and Apple Watch shipments.

No change to Perform rating

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 $95.94 yesterday.

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