“With several Apple suppliers licking their wounds after a week of losses, at least one analyst has started to upgrade them,” Anita Balakrishnan reports for CNBC. “Does that mean that shares of the iPhone maker have hit a bottom?”
“Pacific Crest Securities analyst John Vinh released a note late Thursday upgrading precision circuit maker Cirrus Logic, after the Apple supplier announced preliminary fiscal third-quarter net revenue of approximately $347 million, falling short of the $386 million predicted by analysts at Thomson Reuters,” Balakrishnan reports. “Shares of Cirrus tumbled after hours, but given the pullback, Vinh wrote the stock is now “a buying opportunity.” Analysts at Stifel also called for a bottom in the circuit maker’s shares.”
“By Friday afternoon, Cirrus shares were up again, more than 4 percent,” Balakrishnan reports. “Apple suppliers like Skyworks and Avago suffered double-digit percentage-point losses over the course of the week. But both were trading slightly in the green Friday afternoon. Could the suppliers’ bounce mean relief for battered shares of Apple, which saw a 2 percent uptick midday Friday as the markets struggled for gains? Drexel Hamilton analyst Brian White has a ‘buy’ on the stock, writing that ‘Apple’s valuation has reached the point of absurdity.'”
Read more in the full article here.
MacDailyNews Take: Our hopes for $95 pre-earnings are fading. Well, there’s always next week! Maybe the shorts can concoct something else specious to plant in Far East media.
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