Apple Will Miss Q1 Estimates, Substantially Miss Q2 Estimates, According To Analyst

After a trip to Asia, Jefferies' Peter Misek has lowered his confidence in Apple's

ability to beat street estimates in the next two fiscal quarters. Misek expects Apple to achieve the low end of guidance in the first quarter, but believes the results will be below the consensus estimates. For the second quarter, Misek believes Apple will miss Street estimates "substantially." Misek justified the low expectations by citing that the "low-cost" iPhone won't be available until the fourth quarter, and that the iPhone 6 won't be available until 2014. The analyst has maintained his below-Street estimates, with fiscal year 2014 EPS estimates 20 percent below the Street's average EPS estimate of $49.55. Jefferies currently has a Hold rating on Apple, with a $420 price target. AAPL is currently up ~0.85% in early Tuesday trading.