FORTUNE -- The received wisdom on Wall Street is that Apple (AAPL) went overboard on the iPhone 5C -- in both price and production -- and that millions of unsold units are sitting in the warehouses of Verizon, AT&T, Sprint and the rest.
BTIG's Walter Piecyk set out to test that theory by calling a few stores. None of them, he says, responded with the usual "We have plenty! C'mon in anytime!"
"There are no real conclusions that you can draw from these calls," Piecyk wrote in a note to clients Friday, "but we felt compelled to get some color given a street view that seems to think that there is a glut of iPhone 5C inventory."
BTIG's Walter Piecyk rates Apple a "buy" for all the wrong reasons
FORTUNE -- Apple's (AAPL) share price popped $3.50 in pre-market trading shortly after 7:50 a.m. Thursday. That was just about when -- to the minute -- BTIG's Walter Piecyk e-mailed clients a note upgrading the stock from "neutral" to "buy" for reasons that are so perverse only Piecyk's words can do them justice:
"Apple will soon report quarterly results which might MOREPhilip Elmer-DeWitt - Mar 14, 2013 10:07 AM ET
Predicts the carriers will "stunt the pace of phone upgrades" in 2012, starting this quarter
BTIG's Walter Piecyk sent his clients some deeply mixed signals Monday, two weeks before Apple (AAPL) is scheduled to report its second fiscal quarter earnings.
On the one hand, he's taken a new look at estimates he published in January and revised them sharply upward -- nearly 39% in EPS alone (see table at right).
On the other, MOREPhilip Elmer-DeWitt - Apr 9, 2012 1:19 PM ET
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