But keep holding on to the stock, says analyst Ananda Baruah.
TheFly has the scoop: Loop Capital lowers estimates on Apple’s 2019 iPhone revenue, unit sales:
Loop Capital analyst Ananda Baruah kept his Hold rating and $160 price target on Apple, saying his deeper analysis of the iPhone capacity mix implies lower expected 2019 device revenue of $130B – down from $147B prior forecast – and reduced unit sales estimate of 180M vs. 191M prior. The analyst notes that channel costs, discounting, and supply issue factors cloud visibility, but warns that “pronounced seasonality for the March quarter, ongoing softness in China’s economy, and an elongating upgrade cycle” could also alter the dynamics of the current quarter.
Maintains Hold rating and (below-water) $160 price target
My take: These ratings are still a mystery to me. If you think a stock is going to be worth less in 12 months than it is today, why would you advise your clients keep holding on to it?