Barclays: Apple Inc. Q312 miss possible, no big deal

“Barclays Capital‘s Ben Reitzes this afternoon reiterates an Overweight rating on shares of Apple (AAPL) and a $750 price target, writing that his counterparts are cutting estimates for the company for the June-ended fiscal Q3 even though investors have already arrived at what he thinks are more reasonable expectations,” Tiernan Ray reports for Barron’s. “‘In terms of the iPhone, our checks indicate that some of the fears could be overblown,’ writes Reitzes.”

Ray reports, “Specifically, Reitzes is modeling $36 billion in revenue and EPS of $9.62, which is below the consensus estimate for $37.63 billion and $10.37 per share. Reitzes bases his estimate on expected sales of 27 million units of the iPhone, 4.5 million Mac units, 6.5 million iPods, and sales of 14.2 million iPads, which could actually be higher by a couple million units, given sales of the lower-priced iPad 2 into educational institutions.”

Read more in the full article here.

MacDailyNews Note: On April 24, 2012, Apple CFO Peter Oppenheimer gave Q312 guidance of “revenue of about $34 billion” and “diluted earnings per share of about $8.68.”

Related articles:
Analysts iPad unit sales estimates for Q312 range from 12.7 million to 24 million – July 9, 2012
Another big miss by analysts looms; Apple reports Q312 earnings on July 24 – July 5, 2012
Apple to webcast Q312 earnings release conference call on July 24 – July 3, 2012


    1. The company provides “guidance” for its future earnings, then analysts provide their independent “forecasts.”

      For the stock to pop when earnings are announced, results need to beat the forecasts, not just guidance.

  1. Yup Barclays have shown that you cannot believe what they say. Still to be honest that is true of all of the financial organizations. Barclays just got caught that’s all.

    What should be expected is that Apple will beat their own guidance handily. By how much? I would rather believe the independent trackers than anyone from a financial institution.

    1. You will be looking at high $11 or low $12 per share ……

      If Apple comes in anywhere above last quarter, this stock runs up $100, easy, to over $700 …….

      So this is exciting and we will start the show in about 2 weeks …..

      Stay Tuned!

  2. It’s a big deal.

    If Apple sales are down… investors should be worried! This is the start of something great. All companies hit a plateau and it seems Apple is no different.

    Ps I don’t want to hear of any excuses… any company can use any excuse when sales are down… it’s no one fault but Apple!

  3. A lot of hubris here, Jon, for someone who knows no more about Q32012 earnings than anyone else this side of Cupertino. You ASSUME that Barclay’s predicted bad news is already a fact. Is it? (If so, how do YOU know?)

    Or are you already predicting the same kind of bad news for AAPL that is SURE to come from MSFT July 19? Who do you blame for the $6.2 billion writedown on their stock they’ve already announced? (Talk about a “plateau”!)

    Hope you’re confident enough to start shorting heavily AAPL before the July 24 earnings call. Are you? (Too bad there’s no way we can check for sure.)

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