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Sat, Nov 21, 2009 - 09:23 AM EST  —  AAPL: 199.92 (-0.59, -0.29%)  |  NASDAQ: 2146.04 (-10.78, -0.5%)

Caris & Co. cuts Apple 2008 EPS view, price target
Tuesday, March 04, 2008 - 02:40 PM EST

"Caris & Co cut its 2008 earnings view on Apple Inc. to reflect lower iPhone and iPod estimates, and said it expects the enterprise smartphone market to be dominated by Research in Motion Ltd. and Nokiain the near future," Tenzin Pema reports for Reuters.

Pema reports, "Caris cut its price target on Apple to $155 from $165, but continued to rate the stock 'above average.'"

'We are lowering our iPhone estimates to reflect information out of Asian handset suppliers noting that Apple lowered its projected shipments of iPhones for fiscal second-quarter,' the brokerage said," Pema reports. "It lowered fiscal 2008 iPhone units estimates to 8.9 million from 11.7 million."

Full article here.

MacDailyNews Take: Analysts that can't analyze even a nanometer below the surface are worthless. Perhaps Apple has lowered its projected iPhone shipments from Asian suppliers ahead of the next-gen iPhone and the (possibly partial) shipment info leaking out of Asian suppliers does not signal weakness, but instead a transition and, quite possibly, an imminent strengthening?

If you can't think of something as simple as that, pardon us while we ignore your prognostications regarding which companies will dominate the enterprise smartphone market in the near future or, for that matter, which companies will dominate any market at any time.

Less than a week ago, Apple COO Tim Cook stated publicly that Apple is confident that the company is on track for hitting their goal of 10 million iPhone units sold in 2008. Does Caris & Co. really think that Apple COO is lying — in public, no less? They seem to, as evidenced by the ridiculous lowering of their 2008 iPhone shipments estimate.

These Caris & Co. dummies aren't even smart enough to wait two days; after this Thursday, chances are good that they'll will look like even bigger idiots. At least they'll have plenty of company on The Street.

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Mar 04, 08 - 02:56 pm Comment from: baxtrice

So much Apple negativity this week. What gives?

Mar 04, 08 - 02:58 pm Comment from: realnbk

the worst of the analysts is Toni Sacconaghi, the top-ranked computer analyst by Institutional Investor magazine.

He should go to jail.

Mar 04, 08 - 03:02 pm Comment from: Rog the dodge

Apple Might think about advertizing on the RUSH LIMBAUGH Show Rush has 5 million daily liseners who are mostly high end quality orenited people, Just the type of people who would like to have the Best PC And Phone out There. I own apple Stock

Mar 04, 08 - 03:10 pm Comment from: Tom V

I am really tired of AAPL being man handled by ANALists! Even though what they say is mindless fodder, it directly effects emotional investor (which I gather is the majority judging by the current stock price)

It seems AAPL can't do anything right anymore according to these ass hats. How can this be dealt with?

Mar 04, 08 - 03:34 pm Comment from: Macromancer

"Apple Might think about advertizing on the RUSH LIMBAUGH Show ..."

Oh not this crap again.

Mar 04, 08 - 03:45 pm Comment from: Tommy Boy

Cutting the "EPS view"? Striking fear at graphic designers around the world.

Mar 04, 08 - 03:45 pm Comment from: It's About Time

Stock is headed to $110. Too many market negatives out there.

Mar 04, 08 - 03:51 pm Comment from: shen

"Rush has 5 million daily liseners who are mostly high end quality orenited people,"

rotflmao! thanks, i needed that.

regular Zune Tang comment that was...... lol!

Mar 04, 08 - 05:06 pm Comment from: Macdoc

I'm raising the Target Price to $325 and to a rating of Buy!! I'm not a Stock Analysts, but I do make 6 figures and I once stayed at a Holiday Inn Express!

Mar 04, 08 - 06:22 pm Comment from: spyinthesky

The last time such cut backs were reported was of course in iPods prior to the new touch and nano releases. So you may well be correct in your analysis, unlike the analysts.

Mar 04, 08 - 06:36 pm Comment from: marcos

How do idiots like Caris get bigger fools to give them money for their advice?? That's a better business than Apple's.

Mar 04, 08 - 07:31 pm Comment from: R

Piper Jaffray rules, Caris drools.

And if you don't like it, I'll send ChrisseyOne over there to straighten yu out.

Mar 04, 08 - 07:41 pm Comment from: Davewrite

"Analysts" are morons.

Take Toni Sacconnaghi. His oft quoted remarks that in FOUR YEARS time 80% of Apple's revenue growth will be the iPhone and because (in his 'guesswork') iPhone sales is bad therefore Apple is in trouble.

ONE YEAR ago there was no iPhone, no ipod Touch, no ipod Nano Video, No Leopard, No Movie Rental, No Macbook Air, No multitouch Macbooks etc., yet Toni Sacc. can predict Apple's revenue streams FOUR YEARS ahead! Wow.

Amazingly people pay these analysts for advice and invest their money on what they say. Beyond belief.

Mar 04, 08 - 10:15 pm Comment from: GizmoDan

MDN: you had better bookmark this guy's predictions for future use!

Mar 05, 08 - 12:21 am Comment from: iFlop

"Piper Jaffray rules, Caris drools."

Piper Jaffrey are Apple stock salesmen. They don't say anything negative even when they know the stock is about to plummet. With them its always good news. That's equally useless to an investor.

"It seems AAPL can't do anything right anymore according to these ass hats. How can this be dealt with"

Perhaps by Apple starting to do some things right?

"no iPhone, no ipod Touch, no ipod Nano Video, No Leopard, No Movie Rental, No Macbook Air, No multitouch Macbooks etc"

Yet apple sold Notebooks, iPods, movies and Leopard and the iPodPhone were known to be on the way.

None of the new products have proven to be game changers or vast new streams of revenue for Apple in the way the original iPod was.

Mar 05, 08 - 12:39 am Comment from: DogGone

The next quarter results will sort out a few things since there is a lot of speculation of iPod and iPhone.

I predict that Apple will surprise the street with Mac sales and maybe disappoint with iPod sales. iPhone will probably be on track especially if new countries are brought on line.

The Street will need to refocus on the Mac for revenue and profitability growth. They may well remain blinkered for a few quarters because they don't understand that the Mac has huge growth potential. They are worried that the iPod is running out of steam. They don't understand that the iPod is evolving again and is already providing better profitability per unit.

Aapl stock is built up on hype and you have to ride with the waves.

Mar 05, 08 - 12:39 am Comment from: MacSheikh

I bought more AAPL last week at about $128, just before it went back down just shy of $121. Does hurt a little when i saw that but hey, I'm on this ride for the long haul. We'll talk AAPL again next year! grin

Mar 05, 08 - 12:42 am Comment from: Alex

I've decided the trick is to fud, fud, fud to drive prices down and then when Q2 earnings come out above "the street" you sing the praises to drive the price up. Then, you look for the tiniest reason to start the fud again. Brilliant strategy.

Doesn't really matter whether Apple (or any other company, for that matter) has the fundamentals right. You just operate on fud and hype.

Mar 05, 08 - 06:15 am Comment from: Ha Ha Ha

"You just operate on fud and hype."

That's been standard Apple operating procedure for years.

Mar 05, 08 - 07:06 am Comment from: Uh-Oh!

Do the guys at MDN know how to read???

The iPhone estimate from Caris is for FISCAL 2008. Mr. Cook's estimate is for CALENDAR YEAR 2008. Caris' estimate appears to allow for more than 10M in CY2008 with 3G, autumn Asian introduction, not to mention a bigger '08 holiday shopping season.

People complain about FUD, we don't need more from MDN.

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