AAPL Loses $50BN In Market Cap As Citi Piles On: Cuts EPS, iPhone Sales Forecast
by Tyler Durden
ZeroHedge.com
Jun 12, 2017
The Apple pile up continues.
After Mizuho downgraded and cut its price target on Apple overnight, following in the footsteps of Pacific Crest from a week ago, we said that “after last Friday’s tech sector drubbing we expect more such downgrades in the days to come” and we did not have long to wait: shortly after Citi’s Jim Suva also said that he is lowering his September estimates for iPhone units, total revenues and EPS. Specifically, Citi has cut September iPhone unit estimates to 40 mln while December unit estimates increased to 89 mln. This compares with consensus at 47 mln and 83 mln respectively. For FY2017, Citi’s iPhone units and ASPs at 208 mln/$664 vs. consensus at 217mln/$658. This drives Citi’s FY17 EPS estimates to $8.55 (vs $9.00 prior) and consensus at $8.94.
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