| For the December quarter, Apple forecasts revenue of $52 billion and EPS of $11.75. The firm typically exceeds its financial forecasts, and we calculate that it only needs to beat its sales forecast by 6% to match consensus estimates of $55 billion. We think there's a very good chance that the top line will meet or exceed these Street estimates. The company's EPS forecast of $11.75 appears light to us and is well below consensus forecasts of $15.41. The biggest concern, in our opinion, revolves around Apple's forecast gross margins of 36%, well below 40% earned in the September quarter. New products like the iPhone 5 and various new Macs are expected to carry higher component costs than prior models. The iPad Mini will also be well below Apple's corporate gross margin average, although at a $329 price point and given the specifications of the product (like an older processor), we still think the Mini has similar gross margins to the larger iPad, which we estimate to be around 20%. |
发表于 2012-10-26 01:04
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发表于 2012-10-26 07:16
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