Look who put a 'sell' on Apple Monday

Who is Pierre Ferragu and what is New Street Research?

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From CNBC:

[The iPhone X] has been so successful that more and more iPhone users are upgrading early, eating into demand for future generations, according to New Street Research.

The vacuum in sales will be so great that investors should sell the stock, analyst Pierre Ferragu said in a note Monday.

 “We expect a material disappointment in 2019,” Ferragu said. “The iPhone X has been very successful and well received by consumers. It has been so successful, that we think it has brought forward demand.”

IPhone users upgrading early “will drive an ‘air pocket,’ and the introduction of a lower-price premium OLED phone won’t be enough to make up for the shortfall,” the analyst added.

Ferragu covered tech stocks for Bernstein for 10 years before joining New Street as head of its global technology infrastructure team.

My take: It seems the acorn doesn’t fall far from Toni Sacconaghi’s tree. I’ve asked for a copy of Ferragu’s note.

See also: Here’s why Toni Sacconaghi says ‘Apple’s best days are behind it’