Meanwhile, Morgan Stanley Says iPhone Demand Is Off The Charts $AAPL
Apple's stock has been crushed since the end of September when it closed above $700 for the first time ever.
Apple's stock has been crushed since the end of September when it closed above $700 for the first time ever.
On Friday it closed at $509.79, a new low in this slump.
As Apple's stock has fallen, analysts have slowly started dialing back expectations. Jefferies, UBS, and tonight, Citi,all cut their price targets on the stock.
All three are cutting for basically the same reason — Asian suppliers say Apple cut its orders for the iPhone 5 in the first quarter of the year. This suggests demand for the iPhoneis not fantastic, though it's probably still good. The other reason is that the iPad Mini is eating into sales of the full sized iPad.
Morgan Stanley analyst Katy Huberty is out with a note knocking down both of those theories. Here's the key takeaways from her note:
- There is "strong demand" for the iPhone 5."Importantly, a greater percentage of consumers plan to purchase the higher priced iPhone 5 as compared to iPhone 4S mix a year ago. As a result, we see potential upside to both our 50M unit (+35% Y/Y) and $642 (-4%) ASP assumptions in C4Q."
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