Stifel reduces iPhone estimates, remains bullish on Apple stock

“It’s a week until Apple reports earnings, and while Stifel reduced its iPhone estimates Tuesday, it’s still bullish on the stock’s prospects,” Teresa Rivas reports for Barron’s.

“Analyst Aaron Rakers and his team reiterated a Buy rating and $120 price target on the stock today,” Rivas reports. “Although Rakers now expects iPhone shipments of 40.2 million and 69.9 million in the September and December quarters (about 6% to 7% below consensus), he writes that his iPhone installed base analysis makes him ‘continually constructive’ post-iPhone 7 potential upside.”

Rivas reports, “Credit Suisse was upbeat about Apple’s quarter on Friday.”

Read more in the full article here.

MacDailyNews Note: On April 26, 2016, Apple provided the following guidance for Q316:

• revenue between $41 billion and $43 billion
• gross margin between 37.5 percent and 38 percent
• operating expenses between $6 billion and $6.1 billion
• other income/(expense) of $300 million
• tax rate of 25.5 percent

What do the analysts expect from Apple’s Q316 earnings? – July 14, 2016
Apple to release Q316 earnings, webcast live conference call on July 26th – June 28, 2016

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