Citigroup Says Apple Will Miss Guidance On Low Revenue Models And iPad Sales Disappointment
Apple results could miss guidance mid-point, says Citigroup
Citigroup believes Apple's Q3 results on July 23 could fall below the mid-point of the company's guidance. Citi said its earnings estimate is $7.09, below the consensus of $7.31, due to a shift towards the lower-end iPhone 4S and relatively weak iPad sales. The firm also sees risk to the Q4 consensus revenue estimate and keeps a Neutral rating on Apple shares with a $430 price target.
The funny thing is CitiGroup made the exact same prediction last QTR and missed it on every count. Citi said Apple would be below the low end of guidance, they reported above the high end besting the forecast. They forecasted 19M iPads, they were too low by a half a million. The only thing they were 100% right on was being 100% wrong...