Credit Suisse: Apple Revenues May Fall Short

From Standard & Poor's Equity ResearchApple Computer (AAPL

) shares were lower by $2.30 to $53.35 in late trading July 12 after a Credit Suisse analyst said he expects the company to reduce its September-quarter revenue outlook.

Analyst Robert Semple said he expects Apple to report third-quarter results in line with market expectations next week. However, he expects the company to guide fourth-quarter revenue below the consensus estimate of $5 billion -- likely in the $4.6-$4.8 billion range -- with EPS of about 50 cents vs. the Street's consensus estimate of 52 cents. Semple expects the company will once again use the fourth quarter to reduce iPod inventories as it prepares for a refresh of its product lineup, which he believes will occur around September or October.

While on a near-term basis he expects stock to remain highly volatile, over the longer term Semple continues to believe the stock is attractively valued. He reiterated his outperform rating, and $90 price target, on the stock.