Apple price target cut to $209 on lower iPhone estimates at Goldman Sachs.
Goldman Sachs analyst Rod Hall lowered his iPhone units estimates after Lumentum (LITE) reduced its December quarter revenue guidance by 17% at the midpoint citing reduced shipments from "one of its largest 3D sensing customers," which he assumes to be Apple (AAPL). Overall, he reduced his FY19 total iPhone units estimate by 6% and cut his FY19 revenue forecast for Apple by 3.5%. While Apple pointed to macro and forex driven consumer weakness in emerging markets such as Russia, Brazil, Turkey and India on its earnings call, Hall said he also suspects China also weakened during the quarter. Given the decreased forecasts, He lowered his price target on Apple shares to $209 from $222 and keeps a Neutral rating on the stock.
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|Date:||Nov 13, 2018|
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