The drumbeat continues as Barclays Capital Friday became the latest analyst firm to trim its projection of iPhones sales for the first quarter of fiscal 2009. Citing the weak economy, analyst Ben Reitzes believes 5 million handsets will be sold during the quarter, down from the previously expected 6.2 million.
In a note to investors, Reitzes cited a “continued weakness in the economy” and an inventory already flush with 2 million iPhones.
Barclays also cut its target price for Apple shares to $121 from $125, however retained the Cupertino, Calif. company stock as overweight.
Apple will report $9.6 billion in revenue for the December quarter and $35.7 billion for fiscal 2009, down from $36.1 billion, the note predicted Friday. Apple reported $7.8 billion for the quarter ended Sept. 31.