At first, the weather could be rough. But then the sun will rise and shine for a long, long time.
That’s the weather terminology-drenched version of the fiscal forecast offered up for Apple yesterday by Piper Jaffray analyst Gene Munster.
On Tuesday, Munster told investors in a note obtained by Barron’s that good days are ahead for Apple.
Reiterating an Overweight rating on AAPL and a $105 price target, Munster cautions, however, that there will likely be declining margins in the coming months as a direct result of Apple’s iPhone 6 launch.
“Looking beyond December margins,” he writes, “we believe it is important to note that margins should rebound in the Mar-15 quarter. We note that in Mar-13, post the iPhone 5 launch, margins declined again q/q by 110 bps. However, we believe the majority of this decline was a result of iPad Mini reaching full availability after supply issues in the Dec-12 quarter.”
Apple’s iPhone 6 will be unveiled, we’re told, at a September 9th media event.