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BMO downgrades Apple, expects revenue guidance cut

Published 01/31/2018, 10:27 AM
© Reuters.  BMO downgrades Apple, expects revenue guidance cut
AAPL
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  • BMO Capital Markets downgrades Apple (NASDAQ:AAPL) from Outperform to Market Perform on expectations the company will cut its revenue forecast in tomorrow’s earnings report.
  • Analyst Tim Long cites press reports of iPhone X order mix and says “we believe a weaker mix in Q1 will push estimates lower for March and beyond.”
  • Long expects Apple to guide meaningfully lower “on the order of $5-$6B compared to consensus revenue estimates.”
  • Price target lowered from $199 to $162, a 3% downside on yesterday’s close.
  • Apple shares are up 0.6% to $168.
  • Previously: Apple receives second downgrade in a week on weaker Q2 expectations (Jan. 22)
  • Previously: Longbow downgrades Apple on lower iPhone forecast (Jan. 17)
  • Now read: Apple Ahead Of Earnings


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