Bottom line: Margins up, revenues down, earnings unchanged. The stock: who knows?
FORTUNE — Citing supply chain sources, Sterne Agee’s Shaw Wu fine-tuned his Apple AAPL estimates again Wednesday:
- He raised his iPhone unit sales estimates for this quarter to 47.5 million (from 47.3 million) based on improving yields and availability. (The iPhone 5 launched in Korea last Friday and lands in 50-plus more countries this Friday.)
- He lowered his iPad estimates to 23.5 million (from 25 million). “Pad mini demand remains strong,” he wrote,”but shipments appear limited by supply constraints. On the other hand, build plans for iPad appear to have been reduced likely due to some cannibalization by iPad mini.”
- He lowered his fiscal Q1 2013 revenue estimate to $54.4 billion (from $54.6 billion), raised his gross margin estimate to 38.7% (from 38.5%) and left his EPS unchanged at $13.70.
As for the stock: