AAPL: "The Street went from thinking Tim Cook has to...

1:20 PM "The Street went from thinking Tim Cook has to provide some revolutionary product to now thinking he won’t even do the obvious things. I think it’s logical they will," asserts Walter Piecyk on CNBC (video), defending his upgrade of Apple (AAPL +1.1%). One of those "logical" things, in Piecyk's view, is a cheaper iPhone, which he expects will add $11B to FY14 revenue while lowering Apple's gross margin by 200 bps. He sees total FY14 iPhone revenue growth of 15%, with units growing 30% to 190M (152M high-end iPhones + 38M cheaper ones) and ASP falling below $550 from FQ1's $641. Read comments

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AAPL price at time of publication: $432.84. Check AAPL price now »

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StockTalk on AAPL: AAPL StockTalk | Twitter AAPL | Twitter $AAPL | AAPL Instablogs

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• Apple's CEO Discusses F1Q 2013 Results - Earnings Call Transcript
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