“Apple Inc. shares fell 1.2% to $174.25 on Tuesday, Dec. 19, following a report that suggested sales of its flagship iPhone X may not be robust enough to top Wall Street forecasts as customers turn to cheaper models and shun the $1,000 price tag,” Martin Baccardax reports for TheStreet.
“Instinet, a division of the Japanese investment bank Nomura, lowered its price target on the tech giant by $10 to $175 and cut its rating on the stock to ‘neutral’ from ‘buy,'” Baccardax reports. “Analyst Jeffrey Kvaal also trimmed his full-year earnings per share forecast by 25 cents to $11.50 and lowered his estimate for iPhone sales over Apple’s financial year, which ends in September, to 245 million units from a previous target of 265 million.”
“The downbeat forecast for iPhone X sales echoes similar concerns on Wall Street that Apple’s decision to stagger the release of its anniversary edition six weeks after the launch of its iPhone 8 and iPhone 8-plus models may have trimmed consumer demand,” Baccardax reports. “Others have suggested the $1,000 price tag is keeping buyers from stretching to the anniversary edition, given that its features are not substantially different from the current iPhone 8.”
MacDailyNews Take: The rampant stupidity of those two sentences is appalling.
See also: Apple is still selling over 1 million iPhone 8 and iPhone X units Per Day – December 18, 2017
“Earlier this week, analysts at Cowen & Co. noted that shorter customer waiting times for the iPhone X could signal tepid Christmas demand,” Baccardax reports, “but still noted that it holds to the Street consensus of 79 million iPhone unit sales over the three months ending in December.”
Read more in the full article here.
MacDailyNews Take:
We believe slow carrier promotions and relatively modest feature upgrades to the 8 are shifting demand to the X, which is a positive for Apple. — Instinet analyst Jeffrey Kvaal, September 17, 2017
Moral of the story: Don’t believe everything you read, but you can certainly profit from painfully obvious and exceedingly transparent fomenting.