“A Wall Street investment bank initiated coverage of Apple stock with a neutral rating on Thursday, saying Apple’s growing services business won’t be able to offset declining iPhone sales in the near term,” Patrick Seitz writes for Investor’s Business Daily.
“Credit Suisse analyst Matthew Cabral set a price target on Apple stock of 209,” Seitz writes. “‘Investor perception of Apple as a hardware-centric company will be hard to shake against a backdrop of double-digit iPhone sales declines,’ Cabral said in a note to clients. He predicts iPhone sales will drop 12.4% to 182.9 million units in 2019. Last year, iPhone sales fell 3.2% to 208.8 million units.”
Seitz writes, “Apple’s services business includes the App Store and subscription offerings such as Apple Music, Apple TV+ and Apple News+.”
Read more in the full article here.
MacDailyNews Take: Predicting a number that will never be revealed. Daring.
We estimate eleventy gazillion iPhone units sales in 2019 and umpteen bazillion in 2020. And we’ll be just as right as every other so-called analyst, too, since Apple no longer reports unit sales. — MacDailyNews, November 29, 2018