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This article first appeared on GuruFocus.
Apple (NASDAQ:AAPL) shares fell nearly 7% on Friday after the company's fourth-quarter outlook came in below analyst expectations, while GF Securities lowered its rating on the stock.
Apple expects fourth-quarter revenue to increase 9% to 11% from a year earlier, compared with the 12.1% growth analysts had projected. Apple also expects iPhone revenue to rise by a mid-teens percentage, while Services growth is expected to remain similar to the fiscal third quarter, excluding foreign-exchange effects.
Apple said currency movements could reduce quarterly revenue growth by about 250 basis points. Apple also expects supply limitations, particularly for memory components, to create greater pressure during the period.
GF Securities analyst Jeff Pu cut Apple to Hold, citing valuation and potential demand risks from higher memory costs. Pu said Apple's shares were trading above 30 times estimated fiscal 2027 earnings and set a $369 price target.
Apple shares were down about 9% at $302.47 in morning trading Friday, extending the pressure following the outlook.
