“Investment bank Oppenheimer on Friday lowered its revenue and earnings estimates for Apple in fiscal 2017 on reduced expectations for iPhone and Apple Watch sales,” Patrick Seitz reports for Investor’s Business Daily.
“Oppenheimer analyst Andrew Uerkwitz maintained his perform rating on Apple stock, citing a ‘cautious view for the iPhone 7,'” Seitz reports. “‘We expect the iPhone 7 product cycle to be weak due to lack of major improvements,’ Uerkwitz said in a research report. ‘We maintain that more dramatic changes will come to the iPhone in 2017.'”
“For fiscal 2017, which starts Sept. 25, Uerkwitz now expects Apple to earn $8.18 a share on sales of $209 billion. That’s down from his prior forecast for $9.04 EPS on $222 billion in sales,” Seitz reports. “He lowered his forecast for iPhone shipments in fiscal 2017 to 197 million units from 213 million. ‘We believe incremental design changes this year will not be compelling enough to drive an upgrade cycle and continue to believe the 7 cycle will undersell the 6S cycle,’ Uerkwitz said.”
Read more in the full article here.
MacDailyNews Take: Oppenheimer analyst Andrew Uerkwitz believes the iPhone 7 cycle will undersell the 6s cycle? Seriously?