“Thursday, after the close, Analog Devices revised its fiscal-first-quarter revenue guidance to $755 million, the midpoint, versus a prior view of $830 million,” JPMorgan analysts write via Barron’s.
“Similar to other companies in the Apple supply chain (e.g. Qorvo and Cirrus Logic), Analog Devices’ sales for the January quarter are coming in lower given weaker-than-forecasted customer demand in the company’s portable consumer segment (i.e. Apple),” JPMorgan analysts write. “We are lowering our estimates to account for the Apple production cuts and also the higher net interest expense on the company’s recent $1.25 billion debt offering and lowering our price target to $55 from $67. Our new fiscal 2016 and 2017 earnings-per-share estimates are $2.85 and $3.11, respectively, down from $3.32 and $3.54. We maintain our Neutral rating on Analog Devices.”
JPMorgan analysts write, “Our new December 2016 price target of $55, or 17.5 times our new fiscal 2017 EPS estimate of $3.11, applies a slight premium to its current multiple, but more in-line with its core analog-peer group average… We believe the company has good dollar content in the second-generation Apple Watch and will continue to capture good dollar content in the next gen iPhone 7. ”
Read more in the full article here.
MacDailyNews Take: There is not enough data to assume “weaker-than-forecasted customer demand” for iPhone.
Dickheads!
33% increas in none android phones in china..
2-TSMC beats the estimate… Most profitable year.
3-Apple releases data on record breaking holiday season app store revenue
All of the above are facts.
I’ll have some of what he’s smokin’! 😜🤔😳
Hmm. Let’s look up a little history…
Q: What quarter is typically Apple’s most profitable and which quarter is generally not?
A: Obviously, the holiday season of gift giving is Apple’s most profitable and the quarter that follows is not.
So, what’s the great revelation of reports such as this one from JPMorgan? Beats me. 😛