“Analyst Amit Daryanani of RBC cut is price target for AAPL stock from $600 to $550, while reducing his projected sales for the March quarter,” Neil Hughes reports for AppleInsider. “He has modeled for Apple to sell 35 million iPhones and 18.3 million iPads in the three-month span.”
“His new March projections of $41.2 billion in revenues and $9.59 earnings per share are below Wall Street expectations of $42.7 billion in revenues and $10.08 earnings per share,” Hughes reports. “Daryanani has also cut RBC’s estimates for Apple’s in-progress June quarter, when he believes the company will earn $37.3 billion in revenues and $8.72 earnings per share. Those numbers are also below market consensus, as the analyst believes Apple will be affected by product transitions during the quarter.”
Hughes reports, “Daryanani believes Apple could see some of its momentum return in the second half of calendar 2013. He sees a number of catalysts on the horizon, including anticipated debuts of iOS 7 along with a next-generation ‘iPhone 5S’ and a more affordable new iPhone model.”
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