Wall Street is finally waking up on Apple

Well, that took long enough! But, Wall Street analysts are finally waking up on Apple and drawing down estimates due to the worldwide COVID-19 coronavirus pandemic.

Wall Street waking up on AppleBill Maurer for Seeking Alpha.:

we’re finally starting to see analysts get a bit more cautious.

When Apple issued its initial warning, there were two items in play. The first was that the iPhone supply chain had been hindered, and the second was a loss of sales in China due to numerous parts of the country being shut down. At that time, the average fiscal 2020 revenue estimate (for the September ending year) stood at more than $285.1 billion. That number came down in the next week, but only by a little more than the amount that the current fiscal Q2 March quarter average came down.

In other words, analysts were leaving fiscal Q3 and Q4 estimates mostly unchanged… Luckily, we’ve finally started to see analyst estimates come down to more reasonable averages for the short term.

MacDailyNews Take: A realistic bar for Apple to clear in imperative for Cupertino coming out of this as unscathed as possible – oh, Apple, like everyone else not named Clorox, will certainly be scathed, but reasonable expectations will mitigate the damage, at least.

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