Apple cut to hold at Loop Capital on revenue downside risk for June quarter
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Apple (NASDAQ:AAPL) was cut to hold from buy at Loop Capital on the potential for "material" downside risk to June quarter revenue relative to Apple's guidance and Wall Street estimates. Apple slipped 0.8% in premarket trading.
Apple (AAPL) has now reduced its builds and likely shipment forecasts "for essentially the second time in the last 4 weeks," Loop Capital analyst Ananda Baruah wrote in a note on Monday. Baruah left his price target of $180 unchanged on AAPL.
Baruah writes that Apple (AAPL) this weekend reduced its June quarter iPhone shipment estimate by an incremental 5 million to 35 million and the Loop analyst believes this is demand related.
"While we believe AAPLâs Sep Q & Dec Q shipment outlook remains intact, we also believe the risk has increased it could eventually be lowered given the aforementioned," Baruah wrote.
Earlier this month, Apple surged as iPhone results seen as "impressive," Wall Street mixed on forecast.
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