Apple (AAPL): Citi and Credit Suisse cut estimates and targets following the conference call. CS cut its CY08 and CY09 EPS estimate to $5.11 from $5.20 and $6.54 from $6.91 respectively. Citi whacked target to $212, down from $215, but argued that low Ipod unit sells may be overblown, since there was a considerable shift in mix away from the lower margin Shuffle and towards the higher margin Touch and Nano.
Baidu (BIDU): Credit Suisse raised 08 EPS estimate by 6% and jacked target from $196 to $235. CS is optimistic that Baidu’s partnership with Mozilla will allow the internet search firm to shore up market share against an aggressively expanding Google.
Texas Instruments (TXN): Citi cut TXN from “buy” to “hold,” lowering target to $34 from $40 and slashing its 2008 EPS forecast to $1.90 from $2.10. Citi cites a “more pessimistic view of the global economy and risk to handset fundamentals.”
Business Insider Emails & Alerts
Site highlights each day to your inbox.