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Apple ( AAPL ) stock dipped Wednesday following a price-target cut by investment bank UBS. Apple shares were down a fraction, near 93, in midday trading on the stock market today . UBS analyst Steven Milunovich reiterated his buy rating on Apple stock but lowered his 12-month price target to 115 from 120. Milunovich also reduced his sales and earnings estimates for fiscal years 2016 and 2017 based on a more cautious view of iPhone growth. Apple’s fiscal 2016 ends Sept. 24. “Our installed base analysis reflects that the iPhone 6 was unusually well received, as perhaps 37% of the installed base entering fiscal 2015 purchased a new iPhone,” Milunovich said in a research report. “The ramification is being felt in fiscal 2016 with a much lower 25% upgrade rate expected. “Our base case for fiscal 2017 is total iPhone unit growth of 4% to 217 million based on a 23% upgrade rate and a decline in new customers.” Milunovich said his base case assumes that iPhone owners upgrade their handsets every 2.5 years. On Tuesday, Drexel Hamilton analyst Brian White said “ gloom and doom ” sentiment around Apple stock had reached “extreme” levels. He reiterated his buy rating on Apple stock, with a price target of 185. RELATED: When Tim Cook Gives A TV Interview, Apple Investors Should Beware Scalper1 News
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