Apple supplier shares slide as Raymond James cuts estimates [Business News Network (BNN) Energy & Resources (Canada)]
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Source: Business News Network
Apple supplier shares slide as Raymond James cuts estimates All component suppliers are likely to be hurt by Apple Inc.’s “significant miss,” and face “a cascade of downward revisions as this news is digested,” Raymond James’s Chris Caso wrote in a note. Caso reduced his models for Apple, Broadcom Inc., Qorvo Inc. and Skyworks Solutions Inc. Skyworks shares are down 6 per cent in pre-market trading; Broadcom’s are falling 2 per cent, while Apple ( AAPL.O ) tumbles 8.9 per cent. Raymond James’s updated expectations for iPhone unit shipments flow through to all supplier models, Caso said, and he assumes Apple hasn’t yet made cuts to suppliers, as the firm waited to announce results publicly before supplier cuts last quarter. He didn’t assess the possibility Apple will choose to “end-of-life” one or more iPhone models -- as the company did with the iPhone X last year --which would trigger an even sharper production drop. Caso reiterates his market perform rating for Apple stock, adding t
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