Analyst: Apple Shares Could Fall 5% After 3Q Earnings Report

Talk about raining on Apple’s parade. America’s favorite tech company seemed ready for another great news day today: It says that it sold more than 4M new iPhone 4S’ this past weekend in the U.S., Australia, Canada, France, Germany, Japan and the UK. Not a bad follow-up to Friday, when Apple shares hit their highest-ever price — $422.00 — and a promising lead-in to tomorrow, when Apple’s expected to announce a big increase in 3Q revenues and profits. But before you become too giddy, consider what BGC Financial analyst Colin Gillis says today in a report downgrading Apple to “hold” from “buy.” Following the 31% increase in the company’s stock price in 2011, “the company has to constantly set records just to meet expectations.” And he says investors may be disappointed tomorrow. iPhone sales in 3Q will reflect “a phone that was at the end of its refresh cycle, not the start of a new one — as has been the case in September quarters in the years past.” (more…)

This article was printed from https://deadline.com/2011/10/analyst-apple-shares-could-fall-5-after-3q-earnings-report-183739/