“The steady drip-drip-drip of negative reports on Apple iPhone production and sales continued on Friday. Nomura Securities analyst Jeffrey Kvaal cut his forecasts for iPhone sales for the company’s fiscal first and second quarters,” Patrick Seitz reports for Investor’s Business Daily. “”
“Kvaal believes Apple ordered too many iPhone 6S-series smartphones for the fall launch and is cutting production to deal with its existing inventory. Current iPhone users haven’t upgraded to the newer handsets in the numbers Apple expected, he said,” Seitz reports. “However, the company continues to attract people switching from phones running Alphabet’s Google Android operating system, he said.”
“For the December quarter, Apple’s fiscal Q1, Kvaal trimmed his iPhone sales estimate by 2% to 75 million units,” Seitz reports. “Kvaal remains bullish on Apple’s prospects. He rates Apple stock as a buy with a price target of 145. Apple fell 2.4% to 97.13 on an overall rough stock market today. But Apple shares actually rose 0.2% for the week.”
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