Apple Estimates Trimmed By AmTech: Shift Toward Cheaper Macs (AAPL)

Not even Apple (AAPL) is immune to a downturn: AmTech’s Shaw Wu says he’s cutting his September quarter, December quarter, and 2009 revenue and EPS estimates, for three main reasons:

• People buying cheaper Macs: “…it appears that more affluent consumers may be feeling the effects of a tighter credit environment.” Specifically, sales and build plans of the MacBook Air “appear more modest.” (Yet another reason
  to think Apple might significantly lower Mac laptop prices.)
• Industry “likely to aim for lean inventory” during slower macro conditions.
• Supply chain checks offer “low visibility in the December and March quarters, which we believe will likely impact build plans.”

Wu trimmed his September and December quarter revenue estimates by about $100 million each, and fiscal 2009 by about half a billion dollars. But he’s still above consensus: This quarter, for example, he thinks Apple will post $1.19 of EPS on $8.2 billion of sales, better than the Street’s consensus of $1.12 EPS on $8.1 billion of sales.  Read More