Loading...
Loading...
In a report published Monday, Monness Crespi Hardt analyst Jeffrey Fidacaro reiterated a Buy rating on Apple
AAPL, but lowered the price target from $670.00 to $520.00.
In the report, Fidacaro noted, “2QFY13 Preview: lowering estimates on softer demand and lull before product refreshes. Apple reports earnings Tuesday, April 23 after the market close and will host a conference call at 5:00pm ET. For 2QFY13, we are lowering our EPS estimate from $10.91 to $9.95 (vs. consensus $10.09), representing a 19% decline in EPS year-over-year. We revised our Revenue estimate from $43.7 bln to $41.1 bln (consensus $42.5 bln and guidance of $41-$43 bln). Owing to our revised product mix (primarily lower iPhone units and higher iPad minis), gross margin goes from 39.5% to 38.3% (guidance of 37.5%-38.5%). Our revised estimates are based on 34.7 mln total iPhones, 11.0 mln iPad minis and 7.0 mln iPad 9.7".”
Apple closed on Friday at $390.53.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in