“Another Wall Street firm has cut expectations for Apple amid fears of soft smartphone and overall iPhone demand,” Thomas Franck reports for CNBC. “Canaccord Genuity analyst Michael Walkley reduced his 12-month price target to $225 from $250, implying 24 percent upside over the next year.”

“Canaccord Genuity also lowered its 2019 and 2020 earnings per share estimates,” Franck reports. “It now expects EPS of $13.25 next year and $14.69 in 2020 versus $13.46 and $15.18 previously.”

Franck reports, “Walkley slashed his iPhone units sales expectations to 213 million in 2018, 208 million in 2019 and 217 million in 2020.”

Read more in the full article here.

MacDailyNews Take: We estimate eleventy gazillion iPhone units sales in 2019 and umpteen bazillion in 2020. And we’ll be just as right as every other so-called analyst, too, since Apple no longer reports unit sales.

Also, the same proof of “sluggish iPhone demand,” supply chain checks, that’s being used again this year to talk down the stock was also used last year. The actual result, despite much fake handwringing: iPhone unit sales of 216.76 million, and increase of 4.88 million units over 2016’s total (211.88).

SEE ALSO:
Apple VP: iPhone XR has been company’s best-selling model every day since it launched – November 28, 2018
ZDNet spends one month with the Apple iPhone XR: ‘The best new iPhone for most people’ – November 26, 2018
WSJ reviews Apple’s 6.1-inch iPhone XR: ‘The best feature-to-price ratio of any iPhone possibly ever’ – October 26, 2018
John Gruber reviews Apple’s iPhone XR: ‘The new iPhone most people should buy’ – October 23, 2018
Gizmodo reviews Apple’s iPhone XR: ‘Affordability done right’ – October 23, 2018
It took Apple less than four days to sell out initial iPhone XR supply – October 23, 2018
Some of Apple’s iPhone XR models are already sold out – October 19, 2018
Apple’s 6.1-inch iPhone XR looks set to become a huge blockbuster – October 16, 2018