Apple Inc. (NASDAQ:AAPL) is an "uninspired investment" as the company is poised to report disappointing iPhone sales and profit in two weeks, according to Nomura Instinet, CNBC reported. Citing analyst Jeffrey Kvaal.
"We believe the investors have sufficiently dissected the key near-term drivers of the shares,” the report cited Kvaal as saying. “Consensus estimates are likely to fall on weak iPhone demand. We add that our work into China also suggests the” iPhone model X “malaise continues."
Kvaal is keeping his Neutral rating on the stock and his US$175 price target, according to CNBC. He has an earnings-per-share estimate for Apple's fiscal second quarter of US$2.69, it said.
Apple shares were little changed at US$178.06 at 1:58 p.m.