Goldman Sachs Lowers 2014 Tablet Growth Forecast (AAPL)
- Futures muted as investors weigh chances of June rate pause
- The 'p-AI-n trade': Citi 'fundamentally confident' in its year-end S&P 500 target of 4000
- Oil prices surge after Saudi pledges more supply cuts
- Shares steady on June hike hiatus hopes
- Apple (AAPL) nears record highs as analysts boost stock targets into the MR launch
Get Alerts AAPL Hot Sheet
45 Buy, 18 Hold, 6 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 9 | Down: 10 | New: 8
Join SI Premium – FREE
Goldman Sachs lowered its 2014 tablet growth forecast to 15.4% from 20.4%. 2015 estimates were lowered to 14.6% from 19.6%. There was no change to Apple's (Nasdaq: AAPL) estimates, but analyst Bill Shope is watching for growth in the second half of 2014.
"First-quarter tablet data came in well below our forecast, with unit growth of just 1.0% yoy coming in well below our 22.1% estimate. While disappointing, 1Q2014 faced a difficult compare against 1Q2013, which experienced remarkable 111% annual unit growth (largely on channel fill). Nevertheless, this market is showing signs of maturity, and if next-generation tablets from Apple and others don’t reignite growth in 2H, there may be further risk to our growth forecast. For tablets, we now expect 2014 unit growth of 15.4%, down from 20.4% previously, and 2015 unit growth of 14.6%, down from 19.6% previously," said Shope.
"We have already factored in weaker iPad sales into our Apple forecast following the company’s latest earnings release, and we are not revising estimates for any of our other companies at this time," he added.
2014 PC forecasts were adjusted to reflect a decline of 3.7%, up from 4%. 2015 shipments are expected to decline 0.8% vs 1.2% prior.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Morgan Stanley Reiterates Overweight Rating on Apple (AAPL); May data points to June Quarter Services Upside
- Evercore ISI says S&P 500 could hit 4450 by July 4
- BMO Capital Upgrades Equity Residential (EQR) to Market Perform, 'Peak Leasing Holding Up'
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View
Related EntitiesGoldman Sachs, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!