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Stock impact report

AT&T's 'record-low' upgrade rate suggests Apple iPhone estimates may be too high, says analyst [MarketWatch]

AT&T Inc. (T) 
Last at&t inc. earnings: 4/22 06:54 am Check Earnings Report
US:NYSE Investor Relations: en.wiktionary.org/wiki/at
Company Research Source: MarketWatch
AT&T Inc. sported a "record-low" postpaid smartphone upgrade rate of 3% in the first quarter, said Wells Fargo analyst Aaron Rakers, which implies to him that analysts may be overly optimistic with their estimates of Apple Inc.'s iPhone unit sales. He pointed to further indications from AT&T that mobility equipment revenue has been weak recently, in part because many customers like to come into retail stores and touch devices before buying them. "We would reiterate our belief that consensus iPhone ship estimates are too high at ~41.1 million," Rakers wrote, as he thinks "iPhone shipments could be in the low/mid-30 million range (we model ~36 million)." Apple shares are up 2.1% in Wednesday morning trading while AT&T shares are up 0.3%. Apple's stock has declined 13.8% over the past three months, while AT&T's has fallen 23.3% and the S&P 500 has decreased 15.9%. Show less Read more
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