Morgan Stanley analyst Erik Woodring cut his December quarter iPhone units estimate by another 3M to 75.5M phones, which brings his December quarter revenue forecast down 3% to $120B, citing a slower production ramp at Hon Hai in Zhengzhou. He is also keeping his March quarter iPhone shipment estimate of 56.5M units unchanged, implying none of the incremental shortfall is deferred to the next quarter. Woodring, who notes that his December quarter EPS estimate of $1.88 is 6% below consensus and adds that he "might be taking an overly conservative approach," keeps a $175 price target and Overweight rating on Apple shares.
Published first on TheFly
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