Apple rises even as Baird cuts estimates, sees 8M fewer iPhone units in December quarter - Seeking Alpha

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Apple (NASDAQ:AAPL) shares roseate connected Wednesday adjacent arsenic concern steadfast Baird lowered its estimates for the all-important December quarter, citing the company's caller challenges successful China.

Analyst William Power, who has an outperform standing and $170 price people connected Apple (AAPL), present expects 8M less iPhone units shipped successful the quarter, resulting successful a 5.6% haircut to full gross and putting the steadfast astatine the debased extremity of analysts estimates.

Power present expects Apple (AAPL) to make $117.4B successful gross for the 4th with net per stock of $1.86, down from a anterior presumption of $2 per share. A statement of analysts expect the institution to make $124.1B successful gross for the period.

The expert besides noted that the broader COVID-19 lockdowns could wounded near-term request successful China, but added that it's apt a timing contented and not 1 of the request going away. Power noted that of the 8M iPhone shipments, astir 4M are recouped successful the upcoming 2 quarters arsenic China continues to enactment done its COVID-19 lockdowns.

"Though aggregate uncertainties remain, we are conservatively lowering estimates for [first-quarter] and [fiscal 2023] driven by assembly challenges successful China, with increasing COVID lockdowns besides a hazard to China demand," Power wrote successful a enactment to clients.

Apple (AAPL) shares roseate astir 0.8% to $142.24 pursuing comments made by Federal Reserve Chairman Jay Powell that spiked the broader markets.

On Tuesday, a cardinal expert said the company's iPhone 14 Pro shipments could beryllium up to 20M units little than expected arsenic Apple (AAPL) deals with proviso concatenation risks retired of China.