Oppenheimer lowered his price target $600 to $550 & earning estimates
Just as Apple's (NASDAQ: AAPL) stock is starting to get legs again, analysts at Oppenheimer are trying to dampen near-term expectations.
Oppenheimer analyst Ittai Kidron lowered his price target Tuesday from $600 to $550 and said he sees risk to near term estimates as customer push off iPhone purchase in anticipation of the next refresh.
"Like spring training, the national pastime of predicting potential iPhone/iPad release dates is picking up steam and increasingly mid-year focused," the analyst comments. "Nothing has substantiated, but as news flows, consumers will likely pause purchases awaiting the update. We see risk to consensus and are lowering our March/June estimates while raising Sept."
The firm cut FY13 EPS from $45.22 to $44.38 and FY14 from $50.20 to $49.77.
The good news, the analyst explains, is that much of the downside is in the stock price already. "Much of the revision appears built into investor expectations, and we don't see much downside pressure from a potential June miss," he said. "However, we also don't see much of a NT positive catalyst until we get closer to the product cycle or get more clarity on Apple's cash intentions."
oppenhiemer is a joke!! Thye had to fire half their investment managers 3 years because of all the lawsuits!! I know!! I was involved and lost over 100 grand because of their lies and incomptence! They paid millions and fired several people....they're #$%$ of the earth!! always have been, always will be...high fees and crooked!!