Goldman Sachs is reducing its earnings forecast for Apple due to the smartphone maker's new lineup of iPhones.
The firm lowered its fiscal 2019 earnings per share estimate to $13.77 from $14.53.
"Apple rolled out new iPhones as expected but the new LCD 'XR' model was priced lower than we had thought likely. This effectively obsoletes two iPhone 8/8+ SKUs in our opinion and drives us to reduce our ASP and earnings estimates, offset slightly by a higher unit forecast," analyst Rod Hall said in a note to clients Wednesday.
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