Apple: Wells Fargo cuts estimates ahead of earnings
(CercleFinance.com) - Wells Fargo analysts cut on Tuesday their estimates for iPhone shipments and revenue of US tech giant Apple ahead of the group's upcoming quarterly report on 1 May.
The brokerage firm - which maintains a "market perform" rating on the stock - has reduced its second-quarter revenue estimate from 58.3 billion dollars to 56.6 billion dollars.
With the shares having risen by 30% year-to-date, compared to +16% for the S&P 500, Wells Fargo said it struggles to look past weak iPhone demand, and recommends investors adopt a cautious stance towards second-quarter earnings.
The broker has reduced its second-quarter iPhone shipment forecast from 44 million units to 40.4 million units.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The brokerage firm - which maintains a "market perform" rating on the stock - has reduced its second-quarter revenue estimate from 58.3 billion dollars to 56.6 billion dollars.
With the shares having risen by 30% year-to-date, compared to +16% for the S&P 500, Wells Fargo said it struggles to look past weak iPhone demand, and recommends investors adopt a cautious stance towards second-quarter earnings.
The broker has reduced its second-quarter iPhone shipment forecast from 44 million units to 40.4 million units.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.