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JPMorgan drops Q4 iPhone shipment expectations

Published 07/19/2017, 09:16 AM
© Reuters.  JPMorgan drops Q4 iPhone shipment expectations
JPM
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AAPL
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  • JPMorgan (NYSE:JPM) drops its Q4 shipment expectations for Apple’s (NASDAQ:AAPL) iPhones from 49.5M to 42.2M based on OLED production delays.
  • Analyst Rod Hall forecasts 2M of the premium iPhones sold in September, down from the previous estimate of 9M.
  • Hall expects the sales numbers to improve in FY18 and increases shipment estimates up from 263M to 270M.
  • Firm raises average selling price or ASP expectation by $100 to $1100 due to higher than expected production costs.
  • Short-term blended ASP guidance is down to $629 from $681 due to the lowered presence of the premium iPhone. FY18 blended ASP raises from $717 to $759.
  • JPMorgan reiterates Overweight rating and $165 price target.
  • Source: StreetInsider.
  • Now read: Retirement Strategy: My Pick As The Next Greatest Dividend Growth Stock Of All Time

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