Apple Inc has a 25 percent chance of missing its quarterly revenue
forecast as iPhone sales slow and Samsung launches its highly
anticipated Galaxy S4
smartphone, Jefferies analyst Peter Misek said.
who has previously raised red flags when Apple cut orders to suppliers,
cut his iPhone sales estimate for the quarter ending March to 35
million from 37.5 million.
He cut his target price on Apple's
stock to $420 from $500. Misek, who has drawn comparisons between Apple
and fading handset makers such as BlackBerry and Motorola, had a price
target of $900 on Apple shares in August.
"When handset makers fall out of favor they fall faster/further than expected," he said in a research note.
Apple's stock was down 1.8 percent at $430.20 on the Nasdaq on Tuesday.
said he expected Apple to report second-quarter revenue of $41 billion,
at the low end of the company's own forecast of $41 billion to $43
Analysts on average expect current quarter revenue of $43 billion, according to Thomson Reuters I/B/E/S.
missed Wall Street's revenue forecast for the quarter ended December 31
and disappointing holiday sales reinforced fears it was losing its
dominance in smartphones.
The launch of the iPhone 5S may be
delayed, said Misek who is rated four stars out of five by Thomson
Reuters StarMine for the accuracy of his earnings estimates on Apple.
suppliers are having problems with the new casing colors leading to a
push out from Jun to Jul-Sep after Apple hoped to pull forward the
update," he said.
© Thomson Reuters 2013