AmTech Trims Apple Estimates
Apple (AAPL) shares are down sharply today after American Technology Research analyst Shaw Wu cut his estimates on the company for both this year and next year. Wu cut his forecast for the September 2008 fiscal year to $5.29 from $5.34; for FY 2009 he goes to $6.15, from $6.35.
“While we continue to see fairly favorable unit trends in the September quarter with back-to-school, our supply chain checks indicate low visibility in the December and March quarters, which we believe will likely impact build plans,” he writes. Wu also says that he is “choosing to err on the conservative side given tough macroeconomic conditions.”
Wu also says supply chain checks find a mix shift toward low-end and mid-range Macs “as it appears that more affluent consumers may be feeling the effects of a tighter credit environment.” He says that MacBook Air sales and build plans “appear more modest after more robust levels.”
Wu maintains his Buy rating and $205 price target.
