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Goldman joins the iPhone unit cuts

Published 11/13/2018, 08:37 AM
Updated 11/13/2018, 08:37 AM
© Reuters.  Goldman joins the iPhone unit cuts
  • Goldman Sachs (NYSE:GS) analyst Rod Hall cuts his Apple (NASDAQ:AAPL) target from $222 to $209 and reiterates a Neutral rating.
  • Hall notes that yesterday’s guidance cut by supplier Lumentum due to adjusted customer demand was likely Apple based on the magnitude of the 17% revenue cut and the fact that Android revenues for LITE were only about $10M in the quarter.
  • The analyst trims his iPhone XR and Max unit estimates and increases estimates for the lower-priced iPhones. Overall, FY19 units are cut by 6% and FY19 revenue by 3.5%.
  • Apple shares are down 0.9% premarket to $192.36.
  • Previously: Apple slips after supplier cuts guidance (Nov. 12)
  • Previously: Lumentum drops Q2 guide on shipment cut (Nov. 12)
  • Previously: Lumentum comments on that order cut (Nov. 12)
  • Previously: Foxconn misses Q3 profit estimates (Nov. 13)
  • Now read: Without iPhone Sales Data, Here's The Next Best Apple Yardstick


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