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Home / Business / Apple lowers Goldman's value on iPhone forecasts and lowers its price target

Apple lowers Goldman's value on iPhone forecasts and lowers its price target



Apple Inc. (AAPL) shares fell on Tuesday after analysts at Goldman Sachs lowered their estimate for iPhone sales and consolidated sales for the tech giant's 2019 fiscal year.

Goldman reduced its full-year overall iPhone forecast for the year Lumentum Holdings (LITE), one of Apple's key suppliers, issued a profit warning on Monday that lost nearly one third of the component manufacturer's market value and a fall for Apple 5% triggered led the Dow Jones Industrial Average into a 500-point tailspin. Goldman lowered its price target for Apple from $ 222 per share to $ 209.

"We fear that the demand for new iPhone models will deteriorate," Goldman's analyst wrote. "While Apple may have already considered a weakness in its guidelines, we believe that the timing and scale of the LITE reduction suggests increasingly poor demand data."

Apple shares fell 0.2% on Tuesday to $ 1

93.77. Previously, the stock was trading slightly higher.

Lumentum, which supplies 3D chips for the face recognition system from Apple iPhone, said sales in the current quarter would reach $ 335 million, up from $ 1.35 to $ 1.34, well below the original target of $ 405 to $ 430 million or $ 1.60 to $ 1.70 spent eleven days earlier.

"We recently asked one of our largest industrial and consumer customers for 3D sensor laser diodes that we will significantly reduce deliveries to them during our second fiscal quarter for previously discontinued orders originally delivered during the quarter . " said the CEO Alan Lowe. "With our proven ability to deliver high volumes, years of experience, hundreds of millions of field devices, and new products and customer funnels, we remain confident that we are in a leading position in the emerging market for 3D scanning laser diodes." 19659002] Earlier Monday, another Apple vendors, Japan Display, which manufactures LCD screens, lowers its forecasts for overall growth and margins, after reporting a quarterly operating loss of 4.7 billion yen (413 million yen) for the sixth consecutive year US dollars) for the three months to September

Last week, Apple shares were hit by a report from the daily Nikkei, which said key Taiwanese suppliers said Foxconn and Pegatron had been asked to cease new production capacity until Apple feels the demand for iPhone XR clearer.

The reports followed Apple's decision not to provide detailed numbers for sales of individual products such as iPhones and Mac computers, so investors would no longer be able to calculate their average selling price, an important measure of measurement the profitability of the company.

The decision to delete these guidelines, as well as the December quarter forecast of around $ 91 billion in the three months ended December, overshadowed a stronger one. September's expected quarter, with earnings of $ 2.91 per share and net sales of $ 62.9 billion better than expected. Shares fell more than 6.3% Friday, the largest daily decline since 2014.

Transparency is disappointing and likely to limit investor visibility for the company, "said Tim Long of BMO Capital Markets The units may not even grow in the future, and while (average selling prices) are still rising, they will eventually reach a plateau. "

Apple brought the 6.1-inch LCD version of its iPhone, the XR, in early September at around $ 750 as a cheaper alternative to the more expensive iPhone XS, the XS Max, which starts at $ 1,000 or $ 1,100.

"We do not expect, that the new product range will increase the volume growth of the units. Due to the mature smartphone market, sales should continue to be very healthy due to a sustained increase in average selling prices. iPhone customers in the mid-range should rise to the XR and premium buyers The decision for the new iPhone XS Max (top models cost $ 1,450), "said the analysts of Trefis.

Apple said it was in the three months to September, up 46.9 million iPhones, a figure that largely coincides with analysts' forecasts, but was flattered by a much stronger one, the expected average selling price of $ 793, which surpassed the consensus of $ 751 + 28.3% year-over-year growth.

Services revenue, including the App Store, Apple Music, iCloud Storage, and Apple Pay, increased 27% to $ 10 billion, but less than that 31% in the June quarter, easing that may have been impacted by the slower sales of iPhones, which reduced the so-called installed base.


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