- Analyst Katy Huberty lowers FY 2017 iPhone revenue estimates by 3% factoring weaker demand for the back half of current cycle as purchasers anticipate new devices ahead of forthcoming "supercycle." Decreases shipments by 7%, increases ASPs by 4% given stronger iPhone 7 Plus demand.
- For December and March quarters, models 75M (from 79M) and 51M (from 55M) iPhones, respectively.
- Expectations for FY 2018 iPhone revenue increase by 6% with shipment growth now reflected at 20% Y/Y. FY 2018 units projected at 253M, ASP increase at 6%.
- Retains Apple (NASDAQ:AAPL) as a top pick and rates Overweight with a $148 target (pre-market $118.67).
- Previously (January 9, 2017): Apple a top pick at Morgan Stanley