Elaboration from CIBC:
courtesty of cog1717 from RagingBull:
Apple Computer Inc. (AAPL) 42 1/8 -1 3/16: CIBC Oppenheimer
downgrades iMac maker from "hold" to "underperform" as the best of
the iMac product cycle appears to be behind the company; shipped
522,000 units in December quarter, below firm's estimate of 570,000
unit shipment and more aggressive estimates of 700,000; margin and
average selling price likely to decline going forward; FY99 EPS
estimate likely to be revised downward following Q1 conference call as
management may temper expectations in the seasonally slower march
quarter; sees downside risk of $30 to $35....
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700,000 iMacs estimated for Q1????? And they had a hold rating at the time? Are these people on some kind of controlled substance?
If they were expecting 570,000-700,000 iMacs, I would LOVE to know what their Q1 estimate was.
This is another example of someone pigeon-holing AAPL into being a one-product company. Apparently, they ignored Yosemite, don't care about the upcoming consumer portable, haven't heard of OS X, and thinks that the tangerine iMac will do even worse than I think it will! :-)
Andrew |
