Research Firm Cuts Earning Targets for Apple on Poor iPhone 5 Demand
Nomura Equity Researchannounced Tuesday that it was cutting earnings and revenue targets for Apple Inc. The research firm slashed its expectations for earnings from Apple due to shrinking iPhone 5 sales. Analyst Stuart Jeffrey said the reduced expectations were "to reflect signs of weaker-than-expected iPhone 5 sales."
Jeffrey cut the target price for Apple to $530 per share from $660 per share. He said, "We are more cautious than sell-side forecasts for revenue and gross margin, mostly driven by our expectation that iPhone gross margins and average selling prices are unsustainably high." The analyst is keeping a neutral rating on Apple.
The research firm also increased its Q1 2013 profit target on Apple to $12.84 per share from the previous $12.78 per share. However, the research firm cut Q2 2013 estimates down to $11.25 per share from $11.96 per share previously.
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Doc Rivers Gets 5-Year Extension With Los Angeles Clippers
The Los Angeles Clippers gave president of basketball operations and head coach Glenn "Doc" Rivers a five-year contract extension on Aug. 27 which runs through the 2018-19 NBA season. It was new Clippers owner Steve Ballmer's first major move since officially purchasing the franchise earlier this month.
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