Monness, Crespi, Hardt Lowers Estimates on Apple (AAPL)

Monness, Crespi, Hardt analyst Brian White reiterated a Buy rating and $370.00 price target on Apple (NASDAQ: AAPL) but lowered estimates after the company lowered its outlook due to the coronavirus outbreak.

The firm is reducing FY:20 estimates but maintaining forecasts for FY:21 and FY:22.

"Despite an avalanche of grim updates surrounding the coronavirus outbreak, Apple’s stock has proven surprisingly resilient and we believe any near-term softness is healthy," White commented. "Given Apple’s update, we are reducing our FY:20 estimates but maintaining our forecasts for FY:21 and FY:22."

For 2Q:FY20, the firm is are reducing their revenue forecast to $60.23 billion from $65.98 billion and lowering EPS forecast to $2.64 from $3.02. For FY:20, they are reducing revenue estimate to $278.67 billion from $289.85 billion and cutting EPS forecast to $13.14 from $13.88.

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 $324.95 yesterday.

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