“Caris & Co cut its 2008 earnings view on Apple Inc. to reflect lower iPhone and iPod estimates, and said it expects the enterprise smartphone market to be dominated by Research in Motion Ltd. and Nokiain the near future,” Tenzin Pema reports for Reuters.
Pema reports, “Caris cut its price target on Apple to $155 from $165, but continued to rate the stock ‘above average.'”
‘We are lowering our iPhone estimates to reflect information out of Asian handset suppliers noting that Apple lowered its projected shipments of iPhones for fiscal second-quarter,’ the brokerage said,” Pema reports. “It lowered fiscal 2008 iPhone units estimates to 8.9 million from 11.7 million.”
Full article here.
Analysts that can’t analyze even a nanometer below the surface are worthless. Perhaps Apple has lowered its projected iPhone shipments from Asian suppliers ahead of the next-gen iPhone and the (possibly partial) shipment info leaking out of Asian suppliers does not signal weakness, but instead a transition and, quite possibly, an imminent strengthening?
If you can’t think of something as simple as that, pardon us while we ignore your prognostications regarding which companies will dominate the enterprise smartphone market in the near future or, for that matter, which companies will dominate any market at any time.
Less than a week ago, Apple COO Tim Cook stated publicly that Apple is confident that the company is on track for hitting their goal of 10 million iPhone units sold in 2008. Does Caris & Co. really think that Apple COO is lying — in public, no less? They seem to, as evidenced by the ridiculous lowering of their 2008 iPhone shipments estimate.
These Caris & Co. dummies aren’t even smart enough to wait two days; after this Thursday, chances are good that they’ll will look like even bigger idiots. At least they’ll have plenty of company on The Street.