“Apple remains an ‘uninspired investment’ and investors should brace for disappointing iPhone sales and profit in two weeks, Nomura Instinet warned clients Wednesday,” Thomas Franck writes for CNBC. “‘We believe the investors have sufficiently dissected the key near-term drivers of the shares. Consensus estimates are likely to fall on weak iPhone demand,’ analyst Jeffrey Kvaal advised investors. ‘We add that our work into China also suggests the X malaise continues.'”

“Kvaal reiterated his neutral rating on the stock as well as his $175 price target, implying 1.8 percent downside over the next year,” Franck writes.

“His earnings per share estimate for Apple’s second fiscal quarter of $2.69 is below the consensus estimate of $2.71, according to FactSet data. He sees EPS of $2.12 in the third quarter, below expectations of $2.19,” Franck writes. “The company is expected to report earnings May 1 after the bell.”

Read more in the full article here.

MacDailyNews Take:

We believe slow carrier promotions and relatively modest feature upgrades to the 8 are shifting demand to the X, which is a positive for Apple. — Instinet analyst Jeffrey Kvaal, September 17, 2017

SEE ALSO:
Apple’s iPhone captured 86% of global handset profits in Q417; iPhone X alone took 35% of global handset profits – April 17, 2018
Apple to release Q218 earnings, webcast live conference call on May 1st – April 3, 2018