Tuesday, June 21, 2011
Apple Inc. may not release the next model of its iPhone until late September or October, which would lead to slower September sales, said Oppenheimer & Co. analyst Ittai Kidron as he cut his price target on the company.
Kidron, who maintained his “outperform” rating on Apple, reduced his 12 to 18 month target on the stock to $420 from $450 and his expectations for iPhone sales in the quarter ending in September to 19 million units from 20.5 million units.
“We’ve been modeling a full month of new iPhone sales in September and now believe it’s more prudent to model a late September, October launch,” he wrote in the note. “This suggests possible modest quarter-on-quarter growth trends in September, and not the strong growth we previously modeled.”
Kidron also wrote that a less expensive “mini-iPhone” is critical to Apple expanding its smartphone market share.
Apple fell $4.94, or 1.5 percent to $315.32 in Nasdaq Stock Market trading yesterday. The stock has dropped 9 percent this month.
By: DocMemory
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