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Mizuho sees risk to Apple's fiscal Q3 revenue guidance
Mizuho analyst Abhey Lamba expects Apple on May 1 to report fiscal Q2 numbers in-line with guidance. The analyst's channel checks, however, continue to point to iPhone X demand softness in addition to an incremental downtick in 8/8 Plus procurement. As such, Lamba thinks Apple's revenue guidance for Q3 could miss the midpoint of consensus estimates. Further, the shares are seemingly already pricing in upside to the company's capital return plans, Lamba tells investors in a pre-earnings research note. The analyst maintains a Neutral rating on Apple with a $175 price target, citing limited upside to 2018 shipment estimates and a "full" valuation. The iPhone maker closed yesterday down 40c to $177.84.