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TheStreet Open House

Wall Street's Concerns on Apple Are Misplaced

Stocks in this article: AAPL S CHU CHL

As far as actual figures go for the new iPhones, until Apple announces something it's just conjecture and speculation. Citi has said it expects Apple sold 2.2 million iPhone 5c devices this past weekend. Citi analyst Glen Yeung rates Apple shares "neutral."

This comes as Citi cut its growth estimates for the global smartphone market. For 2013, it expects 1.13 billion smartphones to ship, growing at 51% year over year. However, for 2014 Citi now expects 25% year-over-year growth for smartphones, down from a prior view of 27% growth. For 2015, Citi expects 14% growth in smartphones, down from a prior view of 21% growth, citing smartphone saturation in developed markets.

One thing that is certain is that one of Apple's Chinese carrier partners, China Unicom (CHU), announced more than 100,000 reservations were taken for the iPhone 5s and 5c, despite no subsidies being announced for the phones.

The markets will continue to speculate, as they usually do, until Apple announces something official.

-- Written by Chris Ciaccia in New York

>Contact by Email.

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