Another Delay Expected for Apple (AAPL) iPhone 5S as Volume Issues Linger
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Rating Summary:
45 Buy, 28 Hold, 8 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 22 | New: 8
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Amid a few positive comments earlier tied to Apple's (Nasdaq: AAPL) upcoming quarter, the medium-term outlook still might be a little shaky.
Citi's Glen Yeung commented that the iPhone 5S will be delayed a further one to two months, despite having an accelerated development process. This is the second pushback in launch of the device, he noted. The iPhone 5S is now expected to come out sometime in August or September, from prior expectations of a June/July launch.
Volume production issues are largely expected to be responsible for the action, Yeung noted. The comments echo what happened in September 2012, when Apple started slumping as panel makers were unable to meet the higher demands Apple imposed for the iPhone 5.
No "iPhone 6" is expected out this year either. For Apple's fiscal Q413, Yeung sees release of the following: "iPhone 5S (better camera & processor, NFC, new colors), iPad Mini (Retina and non-Retina refresh), iPad 5 (slimmer, lighter, thinner bezel), MacBook Air Retina."
Finally, Yueng aired some concern over iPad mini demand given "flattening production in 3Q13 (third quarter 2013)."
Shares of Apple are up in early trading. Citi last had Apple at Neutral with a price target of $480.
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 $390.53 yesterday.
Citi's Glen Yeung commented that the iPhone 5S will be delayed a further one to two months, despite having an accelerated development process. This is the second pushback in launch of the device, he noted. The iPhone 5S is now expected to come out sometime in August or September, from prior expectations of a June/July launch.
Volume production issues are largely expected to be responsible for the action, Yeung noted. The comments echo what happened in September 2012, when Apple started slumping as panel makers were unable to meet the higher demands Apple imposed for the iPhone 5.
No "iPhone 6" is expected out this year either. For Apple's fiscal Q413, Yeung sees release of the following: "iPhone 5S (better camera & processor, NFC, new colors), iPad Mini (Retina and non-Retina refresh), iPad 5 (slimmer, lighter, thinner bezel), MacBook Air Retina."
Finally, Yueng aired some concern over iPad mini demand given "flattening production in 3Q13 (third quarter 2013)."
Shares of Apple are up in early trading. Citi last had Apple at Neutral with a price target of $480.
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 $390.53 yesterday.
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