“Most analysts have dramatically cut their AAPL target prices in response to what one of them described as ‘Apple’s darkest day’ in the iPhone era,” Ben Lovejoy reports for 9to5Mac. “Wedbush analyst Daniel Ives used the description. ‘The magnitude of the top-line miss (~8%) with China demand the culprit was jaw dropping in our opinion and will heavily weigh on shares accordingly. Although the company had some quarters over the past 20 years that missed Street expectations, in the modern iPhone era last night was clearly Apple’s darkest day in our opinion and represents a challenging growth period ahead for the company.'”
Wedbush lowered its target from $275 to $200 – and as Business Insider reports, it was far from alone.
• Goldman Sachs: from $182 to $140
• Citi: from $200 to $170
• BMO: from $213 to $153
• Bank of America Merrill Lynch: from $220 to $195
• Nomura: from $185 to $175
• Wells Fargo: from $210 to $160
• Morgan Stanley: from $236 to $211
Read more in the full article here.
MacDailyNews Take: $140 – $211: All over the map. It’ll take a bit longer for the shock to wear off and for the Wall Street lemmings to flock more closely together. Ah, the thrilling anticipation.
We are looking forward to more palatable iPhone prices from Apple, though!
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