Cowen downgrades Apple on record quarterly earnings results

“In a report published Wednesday, Cowen & Co analyst Timothy Arcuri downgraded the rating on Apple Inc. from Outperform to Market Perform, while reducing the price target from $140 to $130, after the company reported its 3Q results,” Monica Gerson reports for Benzinga. “”

“Lower-than-expected iPhone sales in the latest quarter, mounting concerns related to China demand and a decline in iPhone builds for the first time since its launch could have a negative impact on Apple’s future stock performance, analyst Timothy Arcuri said,” Gerson reports. “In the report Cowen & Co noted, ‘While mgmt. commentary sought to re-assure, iPhone units were light even adjusting for channel inventory. Normally, this would not concern us but evidence of a widespread demand reset from China is mounting.'”

“Apple reported in-line FQ315 revenue sand EPS of $49.6 billion and $1.85, respectively,” Gerson reports. “The sale of 47.5 million iPhone units during the quarter was short of expectations of over 50 million units.”

Read more in the full article here.

MacDailyNews Take: Pfft.

Wall Street runs on ginned-up “concerns.”

SEE ALSO:
For Apple, more success raises more questions – July 22, 2015
Sorry, haters: Tim Cook confirms Apple Watch sales are much better than you think – July 22, 2015
Here’s how many Apple Watch units Apple sold – July 22, 2015
Drudge screams: ‘APPLE FUTURE QUESTIONED’ – July 21, 2015
Apple poised for $50 billion valuation loss after posting ‘disappointing’ record earnings – July 21, 2015
Apple shares plunge after ‘disappointing’ record third quarter results – July 21, 2015
MacDailyNews presents live notes from Apple’s Q315 Conference Call – July 21, 2015
Apple pulverizes the Street with record third quarter results – July 21, 2015

19 Comments

      1. It’s hard to downgrade an asshat belly crawler like you any lower. But give yourself a pat on the back for being such a financial whizkid there Nancy.

      1. 50 million units short? What the hell does that mean? They barely beat Wall Street projections on Apple iPhone sales. That’s pretty easy to understand. And guidance was less than Wall Street was looking for. As well as investors. We are not all sheep like you. We invest to make money. Not to make excuses for a company. It’s an investment. Treat it as such. Keep your money in a passbook savings account because that sounds like the limit to your knowledge about investing. But go ahead and make excuses for a company. Go cry in your beer. See how much money that makes for you.

  1. Apple Q&A session timeline info for investors to busy to listen to the whole CC—-
    The entire CC lasted from 2:00-3:00 pm 07/21/2015- Listen to the last 30 minutes to get the “gravitas” of what Tim Cook was saying about important issues—–!!!!!!!!!
    :33:24- Munster/TC Apple Watch numbers extrapolation clarifications
    :44:50- TC many, many years left in the iPhone cycle!!!
    :48:56- TC excellent commentary on China sales, store openings, 4g build out, middle class expansion, and China stock market’s LIMITED effects
    :53:30- Luca commentary on the FX issues affecting Apple earnings bottom line like all other international companies affected by the strong dollar……

  2. I’m downgrading the analysts who missed their estimate on Apple’s sale and earnings. Apple did exactly what Apple does, and the analysts blew it.

    On a more serious note:
    Apple fell short by perhaps as little as 0.25% up to maybe about 4.5% (even though it was still a 35% increase over last period), and that is supposed to justify a more than 7% “adjustment”?

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