Pacific Crest: Apple Estimates 'Leave Little Room For Error'

In a report published Tuesday, analysts at Pacific Crest Securities maintained their Sector Weight Rating on

. The 12-month fair value is set to $133. Although the iPhone 6 and 6+ have been driving FQ2 upside, the analysts believe that the stock is fairly valued at present. While Apple sold higher than estimated iPhone units in FQ2, which led to higher than expected EPS and revenue for the quarter. However, the analysts believe that the upside could be waning, the effect of which is likely to be witnessed in F2016. For now, the consensus expectations for 2F2016 "leave little room for error." Apple has also announced its FQ3 guidance below the analysts' expectations. Given that the consensus expectations are at the high end of or above the estimates for F2016, Pacific Crest believes that either the estimates are significantly low or the company would need to make up the difference via new categories.