Citi analyst Richard Gardner today lowered his share price target and earnings estimates on Mac-, iPhone-, and iPod-maker Apple Inc. (AAPL) to “reflect a more conservative view of consumer spending” in a note to clients.
Gardner lowered his share price target to $132 from $153. He still expects the Cupertino, Calif.-based company to report a profit of $1.42 per share for the fourth quarter of 2008 despite a likely shortfall in sales The analyst also reduced his earnings estimates for fiscal 2009, 2010 and 2011, but reiterated a “Buy” rating on the company’s shares.
Gardner said his checks show shipments of Apple’s revolutionary iPhone may come in below 4 million units for the fourth quarter of 2008.
Furthermore, Gardner wrote that if Apple’s stock dropped $7-$8 by the company’s earnings release scheduled after market close on Jan. 21, “We would be aggressive buyers.”
[Thanks to MacDailyNews Reader “Judge Bork” for the heads up.]