Although we won’t know for certain how Apple did during the third financial quarter until after the markets close tonight, analysts this morning came out with their usual prognostications, including a surprise reduction from Oppenheimer on the target price for the Cupertino, Calif. company’s stock.
Oppenheimer analyst Yair Reiner told investors this morning he is concerned the negative publicity over the iPhone 4’s reception problems could hurt sales. “We believe the iPhone 4’s antenna performance is comparable to that of other smartphones, but in the court of public opinion, perception is reality,” Reiner writes. “The perception — created by a scoop-hungry media and Apple’s newly-emboldened wireless adversaries — is that the 4 is faulty,” the analyst adds.
Along with trimming Apple target price to $3330 from $345 per share, Reiner also cut his September sales forecast to 8.5 million iPhones, down from 11 million.
Kaufman Bros. analyst Shaw Wu believes the Wall Street consensus is too conservative, given continued tight inventory and limited supplies. He set a target price of $349 for Apple stock.
Although BTIG analyst Walter Piecyk appears to side with Reiner, lopping 1 million off his previous estimate of 9 million iPhones sold for the quarter, he notes “the antenna controversy has not appeared to temper demand for the iPhone 4.”
In other Apple sales areas, Piper Jaffray analyst Gene Munster believes Apple will report $15.6 billion in revenue as Mac sales indicate an 11 percent rise in the quarter.
[Barron’s]
