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Piper cuts Apple target to $222 from $250, says weakness baked into shares
Piper Jaffray analyst Michael Olson says that despite component supplier data points suggesting iPhone weakness, his firm's survey of over 550 domestic iPhone owners suggests upgrade intentions are similar to 2017 levels. Given the "solid" U.S. demand observed in the survey, weaker iPhone component supplier results must be due to slower international uptake, Olson tells investors in a research note. As a result, the analyst "slightly reduced" his iPhone unit estimates for fiscal 2019 and 2019, but also increased his previously "below Street" services revenue numbers. The end result is Olson leaving his overall estimates unchanged for Apple. Regarding the stock, the analyst believes the international iPhone weakness and "disappointment around lack of future unit disclosure" are both largely baked in at current share levels. He lowered his price target for Apple to $222 from $250 and maintains an Overweight rating on the name. The stock closed yesterday up 47c to $169.10