“Shares of Apple (AAPL) continue to be under pressure [today], falling $10, or 1.4%, to $690.07, worse than the 0.7% decline in the Nasdaq Composite Index, after the company this morning said it sold more than 5 million iPhone 5 units since the device formally went on sale last Friday, including pre-ordered units, while stating that demand has exceeded the company’s initial supply,” Tiernan Ray reports for Barron’s.
“That was more than the 4 million or so the company sold in the debut weekend of the prior model, the iPhone 4S in October last year, but it was less than figures put out by Wall Street analysts that had been in the neighborhood of 7 million to 8 million units.,” Ray reports. “An article this morning by The Wall Street Journal’s Ian Sherr and Ann Zimmerman notes that Apple provided fewer units of the iPhone 5 to its third-party retail partners this year than it has for prior debuts, including Best Buy.”
Ray reports, “Shaw Wu of Sterne Agee reiterates a Buy rating and an $840 price target, writing that the tally ‘is a bit lower than estimates as high as 10 mm’ but that ‘we are not overly concerned as this is still a big number and believe this is more a matter of high expectations getting out of touch with reality.'”
Read more in the full article here.
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