“While much of the sell side today has offered words of encouragement about Apple’s (AAPL) fiscal Q4 miss last night, the buy side is a bit more mixed,” Tiernan Ray reports for Barron’s.
“David Rolfe of Wedgewood Partners tells me by phone this afternoon that as far as the miss last night, he’s inclined to agree with Andy Zacky of Bullish Cross, who today opines that Apple analysts should have realized there was a lot of ‘channel filling’ of the iPhone going on in fiscal Q2 and fiscal Q3 — sales to distribution in advance of actual end-user activations — which made those quarters look stronger than they actually were,” Ray reports. “Like the analysts, Rolfe confesses he had some ‘sloppy thinking’ about the iPhone that made him think it would be bigger last quarter than it was.”
Ray reports, “Still, Rolfe, who manages the RiverPark/Wedgewood Institutional fund (RWGIX), and whose firm holds roughly $90 million of Apple stock, its largest single weighting in stocks, is inclined to think the shares are holding up quite well, actually, and he’d still buy the stock today.”
More analysts’ views in the full article here.
[Thanks to MacDailyNews Reader “Joe Architect” for the heads up.]