- Bernstein thinks Apple’s (NASDAQ:AAPL) Q3 will disappoint the Street due to weak iPhone sales.
- The firm predicts Apple will guide revenue of $47B to $49B for the June quarter (consensus: $51.9B) when it reports results on May 1.
- Analyst Toni Sacconaghi reduces his FY18 EPS estimate from $10.93 to $10.71 (consensus: $11.43) and drops his iPhone focus from 41M units to 38.8M units (consensus: 43M units).
- Sacconaghi: “We note that buyside expectations have come down considerably in recent weeks, and while such numbers would represent materially weaker than normal iPhone seasonality, they appear to be increasingly within the range of expected outcomes.”
- The analyst reiterates a Market Perform rating and a $170 price target, a nearly 4% upside to yesterday’s close.
- Apple shares are up 0.3% to $164.06.
- Previously: Apple roundup: Street in "full panic" ahead of earnings, Samsung (KS:005930) price negotiations (April 24)
- Now read: Apple: Don't Underestimate This 'Small' Business
Original article