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October 7, 2013
09:48 EDTINVNFollow-up: InvenSense likely has three new disign wins, says Craig-Hallum
Craig-Hallum believes InvenSense has three new design wins that include Google's Nexus 5, Amazon Kindle Fire HD and Samsung Galaxy Gear.
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October 12, 2015
11:29 EDTINVNBattleground: Analysts diverge on Apple with new iPhone forecasts
Two research firms had very different views on the outlook for Apple's (AAPL) iPhone sales today. Citing "surprisingly robust" demand in the U.S. and China" and "record iPhone share gains," Morgan Stanley raised its fiscal 2016 iPhone unit growth estimate to up 7% from up 3%. Meanwhile, Pacific Crest estimates that 67M iPhones will be shipped in the fourth quarter, versus the consensus outlook of 76M. BULLISH TAKE: After conducting surveys about smartphones in the U.S. and China, Morgan Stanley analyst Katy Huberty raised her fiscal 2016 iPhone unit growth estimate to 7% from 3%. Moreover, iPhone unit growth could realistically reach 12% in fiscal 2016 in a bullish scenario, the analyst stated. The percentage of U.S. consumers who expect to buy a smartphone over the next 12 months has risen compared with a year ago, Huberty reported. Meanwhile, China, where consumers replace their smartphones more often, is becoming a bigger part of the global smartphone market, she stated. Additionally, Apple's share of the high end smartphone market in China should increase 16 percentage points, while its share of the U.S. smartphone market should increase four percentage points, the analyst estimated. She raised her price target on Apple to $162 from $155 and kept an Overweight rating on the shares. BEARISH TAKE: After conducting checks with iPhone component makers, Pacific Crest analyst John Vinh reported that Apple, "in response to disappointing sales," had reduced its component orders for Q4 by about 15%. Based on his conversations with carriers, Vinh believes that initial sales of Apple's iPhone 6s have been below expectations. The analyst expects Q4 iPhone sales to come in at 67M versus the consensus estimate of 76M. WHAT'S NOTABLE: Vinh trimmed his estimates on iPhone component makers Analog Devices (ADI), ARM Holdings (ARMH), Avago (AVGO), InvenSense (INVN), Qorvo (QRVO), Skyworks (SWKS), and Synaptics (SYNA). However, the analyst is upbeat on the longer term outlook for ARM Holdings, Avago and Skyworks and recommends buying those names on "any meaningful pullbacks." In conjunction with her note, Huberty recommended that investors own the shares of iPhone component makers Qualcomm (QCOM), Sony (SNE) and ARM Holdings, as well as those of SanDisk (SNDK), which develops flash memory used in the iPhone. PRICE ACTION: In late morning trading, Apple was flat near $112 per share.
07:59 EDTINVNEstimates lowered on iPhone component makers at Pacific Crest
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