HALISTER: Apple FY3Q, FY4Q Ests. Cut at Citi on Brexit Uncertainty, FX

Apple FY3Q, FY4Q Ests. Cut at Citi on Brexit Uncertainty, FX

(Bloomberg) -- Apple FY3Q, FY4Q ests. cut by Citi analyst Jim Suva, citing potential for lower demand due to Brexit-related macro uncertainty and currency volatility.
  • Also cites lengthening product replacement cycles (avg length has increased to ~28 mos. from ~24 months in 2013)
  • Sees FY3Q, FY4Q EPS and rev. below consensus ests.
  • Expects AAPL shares to be range bound in N-T during seasonally slow summer and ahead of iPhone 7
  • Reiterates AAPL buy rating, PT $115
  • AAPL down 0.9% pre-market
  • NOTE: Separately, Pacific Crest downgraded AAPL suppliers Cirrus Logic and Skyworks today
  • NOTE: AAPL reports FY3Q results July 26
  • NOTE: AAPL 41 buy ratings, 7 holds, 2 sells; avg. PT ~$123: Bloomberg data
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
AAPL US (Apple Inc)

People
Jim Suva (Citigroup Global Markets Inc)

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