This post was originally published on this site
https://i-invdn-com.investing.com/news/apple_M_1440049056.jpg
The analysts’ price target implies an upside potential of less than 3% based on Friday’s close.
They see a material downside risk to revenue (both iPhone & overall) estimates for the June quarter, relative to both the company’s guidance and Street forecasts. Analysts expect Apple to report $81.67 in revenue for the current quarter.
Loop Capital Supply Chain analysts said Apple likely cut its Jun quarter builds and shipments by about 10%. The iPhone shipments estimates are likely down 5 million to 35M, which they said is “demand related.”
“We note this is incremental to the reduced Jun Q guidance AAPL provided on 5/4,” the analysts said in a client note.
“While we believe AAPL’s Sep Q & Dec Q shipment outlook remains intact, we also believe the risk has increased it could eventually be lowered given the aforementioned.”
While the demand may be weakening, the analysts mention that “stronger than appreciated iPhone ASPs can counterbalance softening units.”
Apple stock closed at $175.16 on Friday.
