Goldman Sachs analyst Rod Hall said he believes that demand indications from early in the quarter suggest lower iPhone demand than the already weak expectations modeled in analysts’ consensus numbers. He lowered his March unit forecast and made an even larger cut to his June quarter unit and average selling price expectations, lowering his March quarter units view to 53.0M and his June quarter unit forecast to 40.3M. Looking further out, Hall also lowered his replacement rate expectations, which cut his FY19 and FY20 unit forecasts by 4.0% and 1.8%, respectively. Hall has a Neutral rating and $159 price target on Apple shares.
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