Bernstein is cautious on tech giant Apple into earnings. Despite positive sentiment and with valuation hovering around its peak, analyst Toni Sacconaghi says Wall Street may be overshooting with estimates for third and fourth quarter revenue. The firm has a market perform rating on Apple stock with a price target of $125 per share, or 24% downside against Wednesday's close of $163.76. So far this year, shares of Apple have gained roughly 26%.
mountain Apple stock could be riding too high on strong sentiment that may be unfounded, according to Alliance Bernstein. Wall Street consensus expects $84.4 billion and $93.6 billion in the third and fourth quarter, respectively, the firm notes. Bernstein is less convinced on the bullish trend, and forecasts $82.4 billion and $82.6 billion in the third and fourth quarter. Sacconaghi noted that Apple stock has outperformed expectations by 2,040 basis points after first quarter earnings.
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