In a new note shared with investors, Goldman Sachs analyst Rod Hall has cut short-term profit estimates for Apple due to the impact of the Covid-19 epidemic.
Hall maintains a neutral rating on AAPL stock, which may only have short- and medium-term repercussions and then move up towards the end of the year as soon as the health crisis ends. According to analyst Goldman Sachs, the global impact on sales of Apple products will be less than that seen in China in February, when iPhone shipments fell 60% year on year.
Of course, there will be less demand in the coming weeks, not only for fear of the economic impact of the Covid-19, but also for the closure of all Apple Stores around the world. More specifically, Hall expects iPhone sales to decline 4.5% in the first quarter, 5.5% in the June quarter and 2% in the September quarter. At the end of the year, also thanks to the iPhone 12, Apple should regain ground. If these estimates are confirmed, Apple will sell 7.6 million fewer iPhones in the first three quarters of 2020 compared to previous forecasts.
In the last three months of the year, iPhone sales are expected to increase 5.5% year on year.