“Wall Street is bracing for Apple to guide analysts lower for September-quarter sales and earnings amid reports of iPhone 8 production delays,” Patrick Seitz reports for Investor’s Business Daily. “But most analysts aren’t concerned because they believe customers will wait for the next-generation iPhone instead of purchasing a competing smartphone.”
“Bernstein analyst Toni Sacconaghi on Tuesday reiterated his outperform rating on Apple stock, but raised his price target to 170 from 160, ahead of the company’s fiscal third-quarter report due out after the close Aug. 1,” Seitz reports. “Apple might deliver a “big guide down” for its fiscal fourth quarter, but it probably won’t matter in the long run, Sacconaghi said.”
“Investors will be closely listening to what Apple executives have to say about their Q4 forecast, Sacconaghi said,” Seitz reports. “Credit Suisse analyst Kulbinder Garcha on Tuesday reiterated his outperform rating and 170 price target on Apple stock. He lowered his iPhone sales estimates for the June and September quarters, but still expects the iPhone 8 to spur a ‘supercycle’ of upgrades among iPhone users. UBS analyst Steven Milunovich concurred, saying the iPhone 8 cycle is going to look like a ‘pig in a python.'”
Read more in the full article here.
MacDailyNews Take: Yes, “pig in a python!”
Apple will announce results on August 1st after market close, typically right around 1:30pm PDT / 4:30pm EDT. As always, we’ll bring your the results as soon as they are available (simply check our home page at 4:30pm EDT on August 1st). We plan to cover the conference call with live notes as usual. That link will appear on our home page around 4:45pm EDT on August 1st.
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