Katy Huberty now expects Apple to sell 34 million iPhones in the June quarter, down from her 40.5 million "super cycle" estimate.
An excerpt from "Cautious Into The Print; Buy Any Post-Earnings Dip" posted Friday morning on CNBC.
We expect Apple to report an in-line March quarter, but are cautious into earnings on May 1 due to our belief that June quarter consensus estimates need to be revised lower. Additionally, with expectations for a step up in capital returns at least partially embedded in valuation … Apple's capital return announcement could amount to a 'sell the news' type of event, especially if forward estimates are revised materially downward.
Maintains Overweight rating, trims price target to $200 from $203.
My take: Waiting to get my hands on the note, but it sounds like Huberty now concedes that the iPhone super cycle she promoted didn't come to pass. Meanwhile, according to CNBC, she sees any drop in the stock as a buying opportunity.