Apple bear raises his 12-month price target

To $120 from $102. Apple closed Wednesday at $140.68.

From a note to clients by Rosenblatt Securities analyst Jun Zhang that crossed my desk Wednesday:

  • We believe that Apple has recently reduced their June quarter production forecast by around 8-10%, mainly for the iPhone 7. Accordingly, we reduce our June quarter revenue estimates.
  • We also believe that Apple has an aggressive iPhone 8 production forecast targeting 100-110M units in 2H17. We raise our September quarter revenue estimates, but maintain our FY 2017 revenue estimates.
  • In our view, the iPhone 8 OLED model will have a better cycle than the iPh-one 7, and recent positive sentiment already reflects iPhone 8 optimism.
  • Slowing demand in China and increasing competition from Samsung this year might limit iPhone 8 sales growth. Further hardware upgrades might not be able speed up the overall smartphone upgrade cycle.

Maintain Neutral rating, raise price target to $120 from $102. 

Note: Apple usually reduces iPhone production in the June quarter.


  1. Robert Paul Leitao said:

    Huh? I’ve read the excerpt from the analyst’s comments more than three times and come back to the same response.

    April 20, 2017
  2. Baffling. I’ve been reading these types of analyses for decades and have never managed to understand them.

    April 20, 2017
  3. David Emery said:

    Do bears s**t in the woods? This one certainly does!

    April 20, 2017

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