“Barclays’s Ben Reitzes is third among three analysts today cutting estimates and targets on Apple (AAPL), reiterating an Overweight rating while raising his price target to $530 from $575 after cutting his estimates for this year and next based on his view that ‘new products are more second half loaded’ and there’s increased pressure on the iPhone,” Tiernan Ray reports for Barron’s.
“Reitzes met with Apple executives Phil Schiller, head of worldwide marketing, and CFO Peter Oppenheimer at the company’s headquarters in Cupertino, he writes, to discuss ‘the value of Apple’s ecosystem, the prospects for more return of cash, the puts and takes for margins, prospects for the iPhone and the market potential for the iPad mini’ and came away with the impression that ‘the company is very optimistic about the general product pipeline and its market position,'” Ray reports. “‘We believe that there is an undying dedication at Apple to innovate – and its leadership is working hard to prove bears wrong,’ [Reitzes wrote].”
Ray reports, “Reitzes cut his fiscal 2013 estimate to $181.5 billion in revenue and $43.75 per share in profit from a prior $184.7 billion and $44.56.”
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