Goldman Sachs underscored its lukewarm thesis on Apple and said it believes the company will ship fewer iPhones in late 2019 than the 67 million the rest of Wall Street expects.
Analyst Rod Hall reiterated his neutral rating Tuesday, telling clients that it’s increasingly likely that Apple falls short of unit sales and average selling price estimates later this year.
“We believe consensus is assuming a steep recovery in China, with little change in demand trajectory for other [geographies],” Hall told clients in a note. “We note that iPhone shipments in the U.S. and Japan cycled up in CY18
, with U.S. shipments growing 8% year over year in CY18.”
