- With Apple's iPhone demand having been suggested both weak and strong of late, Pacific Crest Securities' Andy Hargreaves today sides with the former theory, though stays confident on Apple overall. Does, however, see potential near-term limitations resulting from currency fluctuation, uncertainty over trade policy and potentially higher costs for the next iPhone cycle and the impact these items could have on gross margins.
- Models iPhone units at 76.8M for the current quarter, from 78.3M prior, and 55.4M for the March quarter, from 58.9M. On FY 2017 and 2018, sees 225M units, from 231.9M, and 236.8M, from 239.3M, respectively.
- In line with the new model, revises target on Apple (AAPL -0.7%) from $129 to $127 (current price $109.20).