“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.”
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