Apple stock falls after analyst warns market 'may no longer tolerate' rising prices [MarketWatch]
Apple Inc. (AAPL)
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Source: MarketWatch
Apple stock falls after analyst warns market 'may no longer tolerate' rising prices Apple Inc. AAPL, -1.66% shares are down 1.2% in Monday morning trading after Instinet analyst Jeffrey Kvaal lowered his iPhone unit sales estimates for the 2018 fiscal year below Wall Street's consensus and expressed some concern about high iPhone prices. Kvaal now projects that Apple will sell 221 million iPhones in the current fiscal year, which ends in September. Analysts tracked by FactSet predict 223 million iPhones sold on average. Apple sold 217 million in its 2017 fiscal year. Kvaal sees "further signs of trouble at the high end of the market" and wrote that the market "may no longer tolerate rising ASPs." He added that local manufacturers in China seem focused on mid-tier devices. Apple shares are up 26% over the past 12 months, while the Dow Jones Industrial Average DJIA, -1.19% and the Nasdaq Composite Index COMP, -2.16% are both up 18%.
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