From a note to clients by Rosenblatt’s Jun Zhang that landed in my inbox Thursday:
We believe Apple will move production for its newest LCD model to mid-August, up from September, leading to Apple giving in-line or stronger than consensus guidance for FQ4 ($59.4 billion & $2.65)…
Back in May, we estimated a total of 60 million new LCD iPhone models and 50 million OLED iPhone models would be produced in the second half of this year. In June, we raised our estimates for LCD iPhone model production to 75-80 million units and reduced our OLED estimates to 30-33 million units. We are maintaining our current production estimates, as we continue to believe OLED model sales will be impacted by higher retail prices for those models. We estimate total new iPhone shipments of 90 million units, which includes 60 million LCD iPhones and 30 million OLED models.
Maintains Buy rating and $180 price target.
My take: Buy Apple and watch its share price fall from a record $194.82 to $180 over the next 12 months? What kind of advice is that?