Apple: Barclays Again Cuts Apple iPhone Forecast

Barclays analyst Ben Reitzes this morning cut his Apple (AAPL) iPhone forecast for the second time this month , in connection with a reduced handset forecast by Barclays analyst Jeff Kvall , who now sees handset units in 2009 down 5%, rather than up 3%. That, of course, follows last week’s forecast from Nokia for a down year in handset units in 2009. Reitzes maintains an Overweight rating on the stock, but cuts his target price to $113, from $121. Reitzes cuts his EPS estimate for the fiscal first quarter ending December to $1.31 a share, from $1.35, with revenue of $9.4 billion, down from $9.6 billion. He now expect the company to sell 4.5 million iPhones in the quarter, down from 5 million. The company sold 6.9 million phones in the September quarter. Reitzes also trimmed his Mac unit growth for the quarter to 4%, from 8%, while continuing to expect a 13% drop in iPod sales versus a year earlier. For FY 2009, his EPS estimate drops to $4.75, from $4.95, with revenue of $34.4 ... (link)