Analysts at Credit Suisse First Boston have trimmed their expected 2003 earnings for Apple to 25 cents from 30 cents a share, and maintain a “neutral” rating. “We expect a flattish growth year.” Warburg Dillon Read, who maintains a “buy” rating on Apple, said its second quarter earnings estimate is now 2 cents a share on revenues of $1.5 billion and its fiscal 2003 earnings per share estimate is for 9 cents. “We think the primary financial problem for Apple is the complete mismatch between expense and revenues over the last couple of years. Apple has gone in the opposite direction from the ‘New PC Economics’ being pursued by the Wintel competition. R&D spending has surged, which we believe can be partly explained as a defensible long-term investment.”