Market Overview

Mizuho: Apple Outlook Implies Big iPhone Slowdown


Apple Inc. (NASDAQ: AAPL)'s revenue forecast for its current quarter implies a significant slowdown in smartphone sales, an analyst said Monday.

Apple, which beat fiscal second quarter expectations after the bell Monday, changed hands recently at $134.91, up 1.7 percent.

See Also: Apple Beats Q2 Estimates, Lifts Dividend

The company predicted revenue for the current period of between $46 billion and $48 billion, down roughly 19 percent from $58 billion in the recent second quarter, but above the $47 billion estimates.

Apple also boosted its quarterly dividend 11 percent.

"The outlook likely includes about $2 billion in Apple Watch sales and implies a significant slowdown in iPhone sales," Mizuho's Abhey Lamba said in a note issued after the company's earnings report.

Lamba maintained a Neutral rating and $115 price target on the company, and said he's waiting to hear Apple's conference call comments.

Latest Ratings for AAPL

Sep 2020Raymond JamesMaintainsOutperform
Sep 2020CitigroupMaintainsBuy
Sep 2020JefferiesMaintainsBuy

View More Analyst Ratings for AAPL
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