“Apple stock is burdened by concerns about iPhone sales ahead of the company’s September quarter earnings report next Tuesday,” Patrick Seitz reports for Investor’s Business Daily. “Susquehanna Financial Group analyst Chris Caso on Thursday lowered his expectations for Apple ‘to reflect more conservative assumptions regarding iPhone 6S and 6S Plus sell-through in second-half 2015.’ However, Caso reiterated his positive rating on Apple stock with a price target of $155.”
“Available data suggest that initial sales of the ninth-generation iPhones are not as strong as Caso and others had expected. ‘We therefore have less confidence that iPhone can post year-over-year growth off last year’s tough compares,’ he said in a report Thursday,” Seitz reports. “The pullback in Apple’s shares recently indicates that investors no longer expect year-over-year iPhone unit sales growth in the December quarter, Caso said.”
“Apple’s fiscal fourth-quarter results will include only two days of sales for the new iPhones, compared with eight selling days for the prior year’s model, the iPhone 6,” Seitz reports. “The bulk of the initial iPhone 6S series sales will occur in Apple’s fiscal Q1.”
Read more in the full article here.
MacDailyNews Note: Apple’s conference call to discuss fourth fiscal quarter results is scheduled for Tuesday, October 27, 2015 at 2:00 p.m. PT / 5:00 p.m. ET. As usual, we expect earnings results after market close, right around 1:30pm PDT / 4:30pm EDT.
We’ll bring you the results as soon as they are available and follow that up with live notes from Apple’s conference call. Check our home page around 4:30pm EDT for the results and around 4:45pm EDT for the link to our live coverage.
On July 21, 2015, Apple provided the following guidance for its fiscal 2015 fourth quarter:
• revenue between $49 billion and $51 billion
• gross margin between 38.5 percent and 39.5 percent
• operating expenses between $5.85 billion and $5.95 billion
• other income/(expense) of $400 million
• tax rate of 26.3 percent
[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]