BTIG's Walter Piecyk, who downgraded Apple (AAPL -0.6%) to Neutral 2 weeks ago on subsidy cut...

|About: Apple Inc. (AAPL)|By:, SA News Editor

BTIG's Walter Piecyk, who downgraded Apple (AAPL -0.6%) to Neutral 2 weeks ago on subsidy cut fears, argues today that cuts are already quietly occurring. As evidence, he points out AT&T (T), whose iPhone sales are heavily skewed towards upgrades, has stopped allowing iPhone users to obtain subsidized upgrades after just a year. In addition, Piecyk estimates Sprint sold just 1.4M iPhones in Q1, down from 1.8M in Q4. Apple reports after the close tomorrow. (also)