Why Credit Suisse Just Cut Its Estimates On Apple

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Photo: AP

From Credit Suisse’s Kulbinder Garcha: Lowering estimates, reiterate Outperform. Driven by potentially slower smartphone growth in the US, we lower our CY12/CY13 EPS estimates for Apple by 3%/5%, to $49.34/$59.15, respectively (for details, see our sector note titled US carriers pushing out upgrades published today). While we see a weaker near term outlook given carrier pressures, with an ability to execute and innovate across the compute market, we believe that Apple will see robust bottom-line growth of 40%/20% in CY12/CY13, making the current valuation compelling

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