Analysts at Morgan Keegan have trimmed their price target for Apple from US$530 to $513 because the brokerage thinks iPad and Mac sales came in a bit lower than expected in December, notes “MarketWatch” (http://macte.ch/6V3Ec). However, iPhone sales were up a bit more than expected.
“As we do every quarter, we are adjusting our EPS [earnings per share] estimates for Apple based on various data points that have arisen since the company gave guidance in mid-April,” Morgan Keegan told clients. “Our December quarter GAAP [generally accepted accounting principles] EPS for Apple is decreased to $10.10 from $10.24. Our fiscal year 2012 GAAP EPS estimate is decreased to $33.32 from $33.76.”
Analyst Travis McCourt says that the Amazon Kindle Fire may have stolen part of the iPad’s thunder. He thinks it could have nabbed 1-2 million customers that otherwise might have bought an Apple tablet.