Apple: Canaccord Genuity lowers iPhone estimates

(CercleFinance.com) - Canaccord Genuity reiterates its "buy" rating on the Apple share, with a target price of 200 dollars, although has reduced its iPhone estimates after the company reported its quarterly results.


"While guidance and iPhone unit expectations for the March quarter were below consensus, guidance was better than feared following reduced orders to suppliers," the Canadian broker wrote in a report to clients.

"Despite the weaker March quarter guidance, we expect steady iPhone unit sales versus prior product cycles with higher average selling prices (ASPs)," it added.

Canaccord said that it is sticking to its investment thesis, believing Apple will continue to grow its leading market share of the premium-tier smartphone market.


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