Technology
Toni Sacconaghi: 'People don't want iPhones this cycle' (video)
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Bernstein’s top Apple analyst says the next cycle won’t start before late 2020.
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Found in the CNBC archives from May 1. Missed it the first time around.
From Sacconaghi, defending his underwater valuation:
I don’t want to detract any credit from what Apple has done with the services business. They’ve built a $40-plus billion dollar business that’s growing in the mid-teens, which is a real testament to execution and their vision for what this business can be. That said, if your profits are down 16% you have a business that’s intrinsically cyclical.
Cyclically, people are saying, this is not a phone at this price that we want this cycle.
Maintains Market Perform rating and $190 price target.
My take: Toni Sacconaghi can argue it round or flat.
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