FORTUNE -- The new dividend and share re-purchase plans Apple (AAPL) announced Tuesday may make the stock more attractive to investors. But the analysts who follow the company couldn't ignore its lower margin and revenue guidance. Their recommendations (Buy, Hold, Sell, etc.) didn't change, but more than half the analysts we polled lowered their 12-month price targets.
A few stats:
Solid quarter. Surprising cash plans. Worrisome guidance and lack of new products.
FORTUNE -- The reactions of analysts who tuned into Apple's (AAPL) earnings call Tuesday were all over the lot. There were things they liked, things they didn't and things they have to ponder some more.
Excerpts from the notes we've seen are posted below. This is our third and hopefully final take. Scroll to the bottom to see the notes MOREPhilip Elmer-DeWitt - Apr 24, 2013 10:16 AM ET
Apple management may have found a way to tame the wild beasts of Wall Street.
FORTUNE -- One of the independent Apple (AAPL) analysts we polled in advance of Tuesday's Q2 2013 earning report had to be coaxed into participating in our Earnings Smackdown competition this quarter. It wasn't that he was afraid of going up against Wall Street's professionals, he assured me. "It's just that I don't think there's any MOREPhilip Elmer-DeWitt - Apr 24, 2013 6:50 AM ET
Reports revenues of $43.6 billion on sales of 37.4 million iPhones and 19.5 million iPads. Profits are down, as expected. Boosts dividend 15% and stock buyback five-fold
FORTUNE -- Against the advice of outside analysts, Apple (AAPL) bundled its good news and bad news together and released it all at once Tuesday.
Although profits were down, as expected, it beat its own guidance and Wall Street's expectations -- selling a ton of MOREPhilip Elmer-DeWitt - Apr 23, 2013 4:57 PM ET
The forecasts of 67 analysts -- 44 Wall Street professionals and 23 independents
FORTUNE -- The results of Fortune's quarterly survey of Apple (AAPL) analysts are in. The pros, as usual, are more cautious than the independents -- but not that much. The gap between the two group's average estimates (summarized above) as as close as I've ever seen them, with the amateurs calling for revenues only 1.3% higher than professionals.
Below: MOREPhilip Elmer-DeWitt - Apr 23, 2013 12:36 PM ET
Its quarterly earnings report is a reality check on three months of speculation.
FORTUNE -- Today at about 4:30 p.m. Eastern, Apple (AAPL) will report its results for the March quarter, and the fog of rumors and speculation that has swirled around the company since January will lift -- if only for a day or two.
This is Apple's quarterly reality check, its chance to answer questions that have weighed on the MOREPhilip Elmer-DeWitt - Apr 23, 2013 8:26 AM ET
The expectations of institutions that sell and those that buy are two different things.
FORTUNE -- In a note to clients issued Monday afternoon, 24 hours before Apple (AAPL) is scheduled to release its earnings for the March quarter, Piper Jaffray's Gene Munster talked about something we don't hear much about: The so-called buy side.
Buy side is Wall Street jargon for those investing institutions such as mutual funds, pension funds and insurance MOREPhilip Elmer-DeWitt - Apr 22, 2013 7:17 PM ET
Monday morning quarterbacking before Apple's Tuesday afternoon earnings call.
FORTUNE --There are always a few stragglers who wait until the last minute to take a fresh look at their Apple (AAPL) spreadsheets -- some of which haven't been updated since January.
Below: Excerpts from the analysts' notes we've seen today. More as they come in, newest on top.
BGC's Colin Gillis: Jump in the fire, as any Apple good news could boost up the MOREPhilip Elmer-DeWitt - Apr 22, 2013 10:56 AM ET
The first test of Apple's new guidance philosophy: Belief vs. reasonable confidence.
FORTUNE -- In January, when Apple (AAPL) reported its earnings for the December quarter -- its first fiscal quarter of 2013 -- the company made explicit a change most investors seem to have missed.
For years Apple had been low-balling Wall Street, offering revenue and earnings forecasts every three months so "conservative" they became a running joke. Every quarter, everybody MOREPhilip Elmer-DeWitt - Apr 21, 2013 7:36 AM ET
The focus next Tuesday will be on how efficiently Apple turned revenues into earnings.
FORTUNE -- Apple's (AAPL) shares have been getting slammed as Wall Street frets about its March quarter earnings report, due out next Tuesday.
Whether the stock bounces from the 16-month low it hit Wednesday or sinks even lower may depend less on iPhone or iPad sales than on its guidance for the June quarter (more on that later) MOREPhilip Elmer-DeWitt - Apr 18, 2013 8:23 AM ET
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