Apple (AAPL) continues to trade lower this morning and briefly touched a new 52-week low at $431.88, before regaining a little ground, currently off $7.49, or 1.7%, at $433.91.
There's been no one particular item today to pick out. David Einhorn is going to drop his suit against the company over the treatment in its proxy statement of preferred shares, after Apple agreed to withdraw the proposal, according to Bloomberg's Christie Smythe, citing remarks by the judge in the case.
As one sharp-eyed reader noted, Credit Suisse's Kulbinder Garcha this morning reiterated an Outperform rating on Apple, and a $600 price target, while cutting his estimates for the iPhone this year and next, citing three reasons:
reasons: 1) We are factoring the likelihood of an iPhone refresh for mid-2013, which will cause a hesitancy effect on demand and cause Apple to keep the supply chain lean; 2) Simultaneously we believe the Samsung Galaxy S4 will launch in mid-March and is likely to gain share in the high-end; and 3) At MWC, we see over 35 smartphone launches from leading OEMs year to date, of which ~70% are aimed at the high-end and ~60% have a screen size larger than iPhone 5 (of over 4″), thereby narrowing the product lead on hardware side.
As concerns Mobile World Congress, as I wrote this morning, there continue to be some rather negative remarks about the company from analysts bombarded by news this week from Samsung Electronics and others at the .
Correction: A prior version of this post made use of an errant quote that had AAPL’s low as $429.46, when in fact it would appear the lowest trade was actually $431.88. My apologies for any confusion caused by the error.
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