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In a new report, RBC Capital Markets analyst Amit Daryanani explains why RBC has dialed back its expectations for Apple Inc. (NASDAQ: AAPL) in 2016.
“We are lowering estimates on AAPL for March and June quarters to reflect supply chain data points coupled with the reality that compares will be challenging in the near term,” Daryanani writes.
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RBC has reduced its March quarter iPhone units estimate from 54 million to 45 million. RBC is calling for March quarter revenues of $50.0 billion on EPS of $2.07 versus consensus estimates of $58.5 billion and $2.37, respectively.
Related Link: Gabelli & Co's Top Technology, Media And Telecom Stocks For 2016
Overall, RBC remains bullish on Apple in the long-term and still believes the stock will be driven by higher iPhone and iPad Pro prices, a potential 4” iPhone refresh, higher gross margins and liberal buybacks.
RBC maintains its Outperform rating on Apple but reduced its price target from $140 to $130.
Disclosure: the author holds no position in the stocks mentioned.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.