“He reiterated a Buy rating on the stock Monday,” Rivas reports, “although he lowered his price target by $2 to $121 to reflect his slightly lower EPS estimates.”
We are slightly reducing our iPhone and Mac unit estimates to account for a potential slowdown in European consumer spending. This drives our F2016 EPS estimate to $8.37 from $8.44 and drives our F2017 EPS estimate to $9.03 from $9.31. — Pacific Crest analyst Andy Hargreaves
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MacDailyNews Note: Apple reports Q316 earnings results after market close on July 26th.
On April 26th, Apple provided the following guidance for its fiscal 2016 third quarter:
• revenue between $41 billion and $43 billion
• gross margin between 37.5 percent and 38 percent
• operating expenses between $6 billion and $6.1 billion
• other income/(expense) of $300 million
• tax rate of 25.5 percent
Analysts consensus currently calls for $1.39 EPS and revenue of $42.03 billion.