Apple is off in trading today following a note from BTIG analyst Walter Piecyk, who cautions that a return to revenue growth could be delayed until fiscal 2017. Piecyk claims Apple may report a 4% revenue decline this year.
“Piecyk maintained a Buy rating for the company, while reducing the price target from $141 to $130,” Monica Gerson reports for Benzinga. “Piecyk mentioned that the positive rating reflected the stock’s valuation, anticipation for the next product announcement and low Street expectations for the March quarter.”
“Pierck expressed caution regarding a potential structural change in the replacement cycle of Apple’s existing users,” Gerson reports. “‘It will take a few quarters and the launch of the next iPhone to confirm if end users are, in fact, holding onto their phones longer,’ the analyst added.”
Read more in the full article here.
MacDailyNews Take: Yet another “analyst” who does not understand Apple, unlike Needham & Co.’s Laura Martin.
Analyst thinks Apple shares could soar 60% – April 7, 2016
Demand for Apple’s new 4-inch iPhone SE continues to outstrip supply resulting in stock-outs, shipping delays – April 7, 2016
Needham: Apple an ‘arms dealer’ to ‘the wealthiest’ consumers; ‘Strong Buy’ recommendation – April 6, 2016
How the annual iPhone Upgrade Program impacts Apple’s financials – October 8, 2015