Analyst cuts iPhone forecast (again)
Posted by Dennis Sellers 
Nov 17, 2008 at 8:39pm
Barclays analyst Ben Reitzes has cut his iPhone forecast for the second time this month, in connection with a reduced handset forecast by Barclays analyst Jeff Kvall, who now sees handset units in 2009 down five percent, rather than up three percent, reports Barron’s.
Reitzes maintains an Overweight rating on the stock, but cuts his target price to US$113, from $121. He also slices his EPS (earnings per share) estimate for the fiscal first quarter ending in December to $1.31 a share, from $1.35, with revenue of $9.4 billion, down from $9.6 billion. In a note to clients, Reitzes says he thinks Apple will sell 4.5 million iPhones in the quarter, down from five million.
Reitzes also trimmed his Mac unit growth for the quarter from eight to four percent. And the analyst expects a 13 percent drop in iPod sales from the same time frame in 2007.
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Dennis Sellers
Dennis has been a newspaper editor/reporter (seven years) and teacher (seven years). He has over 4,000 magazine, newspaper and online articles to his credit. He has also covered the Mac and tech industries for over a decade for such online publications as MacCentral, MacMinute and now MacsimumNews.
