Tech Hardware: Morgan Stanley Cuts Targets for Apple, Dell, EMC, HP, IBM on Strong Buck, Global Slowdown
In a sweeping call on tech hardware stocks, Morgan Stanley’s Kathryn Huberty and Scott Coleman cut price targets on earnings estimates for a host of hardware and telecom equipment companies to reflect the strengthening of the U.S. dollar and a slowdown in global demand. They cut estimates on 21 companies, reducing 2009 revenue by an aggregate 3.1 percent and profits by 5.6 percent. They now see “less than normal seasonal growth” for global PC and handset shipments in both the second half of this year and all of 2009.
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