"Apple shares have lost more than a quarter of their value in less than two months, but one of Wall Street's top analysts in the store explained why the story is against a turn sometime soon," reports Michael Sheetz for CNBC. "The sales side estimates have only been revised downwards by -0.8% so far, and the story indicates that the shares are unlikely to bend until the estimates stop coming down," said Bernstein's Toni Sacconaghi in a note to investors Wednesday. "
"Sacconaghi watched the last three times in the last decade when Apple's inventory has been shaping. The three downturns Sacconaghi identified is linked to the lifecycle of iPhone products: iPhone 5, iPhone 6S and the beginning of iPhone X. Of the lessons to be learned from earlier stockpiles, Sacconaghi said Apple's inventory is "typically predictable for estimates," and has a high correlation with Wall Street's next 1
Sheetz reports, "Bottom Line: Until analysts have finished reducing their expectations on stocks, expect more weakness."
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