zz:
Following a flurry of news reports saying Apple (AAPL) may not introduce an
iPhone 5 this summer ? see the TechCrunch piece on Monday by MG Siegler ?
Jefferies & Co.’s Peter Misek this morning writes that he believes, indeed,
that iPhone 5 and that the next version of its operating system, iOS 5,
will arrive later in the year, after the summer, and he reduced his
estimates for Apple for this fiscal year ending in September and for fiscal
2012 as well.
...
Apple’s taking longer than expected to incorporate new “cloud”-based
features into iOS, things that represent “a significant step forward” for
the operating system, Misek speculates.
“In addition to the later OS, we believe Apple wants its next phone to be
LTE capable and have a chipset compatible with both AT&T (T) and Verizon [
Communications (VZ)],” writes Misek. “Also, we believe the iPhone 5 could
contain new chips from Qualcomm incorporating GPS and WiFi on the same chip
(and in future the stocker could support bluetooth and NFC [near-field
communications]).” As a result, there will be an iPhone 5 introduction “
in September/October,” writes Misek.
I would note that Misek has been saying since early January that Apple might
produce an iPhone that runs on 4G, or “Long Term Evolution,” wireless
networks by October or November of this year.
Misek cut this fiscal year’s revenue estimate to $103 billion from a prior
$107 billion, and cut his EPS estimate to $23.03 per share from a prior $24.
17 per share.
Misek “still likes the name,” and expects a “strong” quarterly report
next month from Apple, though “we expect guidance as being solid but
unlikely blowout due to some hesitation around Japan supply, particularly
regarding margins.”
Similar caution about the Q3 forecast was expressed yesterday by Pacific
Crest’s Andy Hargreaves.
In a similar vein, BMO Capital’s Keith Bachman today writes he thinks the
iPhone will be refreshed “in the September quarter,” though he’s not
changing any estimates for Apple. He still sees $97.07 billion in revenue
this fiscal year, and $22.30 in EPS.
Bachman sees Apple’s iPad will see a “material” increase in shipments in
the June quarter, which could boost top-line growth. He’s expecting 6.1
million iPads were sold this quarter, and says there’s limited upside this
quarter given a variety of factors, such as constraints on iPad production,
a “reasonable but not a blowout” introduction of the iPhone at Verizon,
and Japan’s turmoil.
....
