FORTUNE -- "While we had expected to hear optimism around Apple's forthcoming product refreshes in this round of checks, we were surprised at the skepticism at many points in the supply chain."
So begins the latest sour note to clients from Citi's Glen Yeung, who has been down on Apple (AAPL) since he took over last year for Richard Gardner, Citi's veteran Apple watcher. The one bright spot Yeung sees in Apple's future is a product that doesn't exist.
Most Apple suppliers, he writes, in analyst telegraphese...
"...expect negative revisions to Apple's 2H13 iPhone build forecast that, if realized, could result in flattish y/y unit growth (including low-cost iPhone). A modest delay in iPhone 5S production (underscoring our concerns about Apple's ability to execute) is contributing to this view. Meanwhile, a push-out of iPad Mini Retina leaves emphasis on the lower-priced Mini 2, pressuring ASPs and underscoring our concerns about Apple's GM. To be sure, the supply chain is ready for iWatch production, making it look increasingly likely for 2H13, although iTV remains elusive (we do not expect meaningful revenue contribution for iWatch in 2013). In light of our findings, we find it difficult to side with the bulls at this time and, despite valuation, we expect Apple to remain in a range around our $430 PT."
For what it's worth, when we scored the accuracy of analysts' forecasts last quarter, Yeung's Apple estimates put him in second-to-last place, 61 out of 62.
Using the 2010 HP campaign as a template to measure the damage Apple might suffer.
FORTUNE -- Citi's Glen Yeung on Monday tried to put a dollar figure on the potential cost to Apple (AAPL) of China's state-sponsored propaganda campaign, now entering its third week.
Apple, he points out, is not the first foreign company to be targeted by the People's Republic. YUM brands (part of KFC) saw sales fall 20% year over MOREPhilip Elmer-DeWitt - Apr 1, 2013 11:29 AM ET
Because 13 of the 50 largest U.S. hedge funds were dumping their Apple holdings
FORTUNE -- Citigroup's Tobias Levkovich buried the lead when he reported Wednesday that Google (GOOG) had replaced Apple (AAPL) as the hedge funds' favorite stock in Q4 2012.
If you zoom in on his spreadsheet above (apologies for the bad reproduction) you'll see that Google made it on to one more top 10 list of the 50 largest U.S. hedge funds MOREPhilip Elmer-DeWitt - Mar 10, 2013 8:45 AM ET
Barclays met with Apple execs. Citi asked suppliers. Merrill searched Google Trends
FORTUNE -- Apple (AAPL) gave up most of Tuesday's $9.66 (2.3%) gains in the first half hour of trading Wednesday after three analysts issued tepid reports:
Barclay's Ben Reitzes lowered his Apple price target to $530 from $575 after meeting with two senior VPs -- Phil Schiller and Peter Oppenheimer -- although he insists that his 8% reduction had nothing to MOREPhilip Elmer-DeWitt - Mar 6, 2013 11:41 AM ET
"Apple and Samsung are the only investable smartphone brands" -- Citi Research
FORTUNE -- Things look grim for everybody but Apple (AAPL) and Samsung in the profitable segment of the smartphone market, according to a note to clients issued Tuesday by a team from Citi Research. The pie chart above and the paragraph below say it all:
Smartphone Market Faces Dramatic Structural Changes - At the high end (US$500+), Apple and Samsung MOREPhilip Elmer-DeWitt - Dec 11, 2012 10:07 AM ET
A curated selection of the weekend's most newsworthy tech stories from all over the Web. Sign up to get the newsletter delivered to you everyday.
PC manufacturers -- and apparently, some users -- have gotten their hands on early builds of Windows 8, which will include support for ARM chips and features like enhanced graphics, 3-D support, facial recognition, instant-on capability and a Windows app store. Microsoft also looks to MOREJP Mangalindan, Writer - Apr 4, 2011 8:44 AM ET
|Chrysler relents, agrees to recall 2.7 million Jeeps|
|Perils of moving to a no-tax state|
|Yahoo: 13,000 government requests for data|
|Stocks rally as Fed looms large|
|Why Apple's new MacBook Air is the ultimate road warrior's notebook|