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Apple: Barclays Cuts Estimates, Target; But Still Bullish

October 3, 2008
by Eric Savitz
Blogger and Columnist, Barron's, Tech Trader Daily

Eric Savitz

Barclays Capital analyst Ben Reitzes trimmed his EPS estimates and target price today on Apple (AAPL). He now expects EPS for the September 2008 fiscal year of $5.21, down from $5.23; for FY ’09 he sees $5.65, down from $6.05. For FY Q4, he sees $1.11, down from $1.12 previously. Reitzes lowered his target price for the stock to $135, from $180.

He also lowered his Mac and iPod unit forecasts “given checks that indicate slower sales by the day as well as negative checks within the supply chain and prospects for more subdued demand for the upcoming holiday buying season.” He now sees Mac unit sales in the September quarter of 2.76 million, down from 2.96 million; but he increased his estimate on iPhone units to five million from 3.8 million.

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