“Cowen & Co.’s Matthew Hoffman this morning reiterates an Outperform rating on shares of Apple (AAPL), while warning that ‘expectations are building to levels that leave little chance for a substantial revenue upside surprise when it prints fiscal Q1 results on January 24th,'” Tiernan Ray reports for Barron’s.
Ray reports, “Hoffman’s main concern is that others are being less realistic, in his view: ‘Some of our competitors are extrapolating those strong activations into global C4Q11 iPhone unit sales in the mid-to-upper-30 million range. We are raising our C4Q11/F1Q12 forecast to 30.5MM units from 26.5MM, but our checks do not support a figure in the mid-30s. Second-hand iPhone activations (from upgraders) and wider channel weakness may explain some of the delta.'”
Read more in the full article here.
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