Apple: RBC Cuts FY 2010 EPS, iPhone Ests On Macro Woes

RBC Capital’s Mike Abramsky this morning cut his forecast on Apple (AAPL) iPhone sales for the September 2010 fiscal year to reflect “recessionary headwinds.” He now expects ‘10 iPhone shipments of 27.8 million units, down from 31.8 million. That brings his revenue estimate for the year down to $46.6 billion, from $46 billion, and his EPS estimate to $6.43 a share, from $6.51. He maintains his ‘09 estimates of 21 million iPhones and EPS of $5.07. Abramsky maintains his Sector Perform rating and $125 price target. Abramsky also notes that while the growing smartphone market holds positive long-term implications for Apple, his forecast calls for shipments of smartphones to slow to 21% growth in calendar 2009, down from 52% in 2008. Apple today is off $2.95, or 3.1%, to $91.82. (link)