“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.”
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