Expect an Apple TV Event in March: Analyst
Apple may host a TV related event in March, but the company won't be revealing the TV everyone wants, Peter Misek, senior technology analyst at Jefferies, said Thursday on CNBC's Squawk on the Street.
"We don't actually expect a TV announcement. We think it's a software development kit (SDK) for the existing set top box, and we think there will be some other product event and we don't know what it is, but we're pretty sure it's not an iPhone or iPad," said Misek.
Apple has given no official statement on an event of this nature.
An SDK rollout would allow developers to make games and applications for the current Apple TV box, much like what is available for the iPhone and iPad.
"We think there is a huge developer opportunity in the living room, utilizing the existing Apple TV set top box, which may or may not be in advance of an actual television," he said. "We think developers are clamoring for an opportunity to get access to that."
Misek, who has a 'hold' rating on Apple stock with a price target of $500, said he expects a refresh of the iPhone to occur this Summer.
"Apple is starting to lose more market share from Samsung, particularly in Europe, and that's because they don't have a big enough screen size and that mix shift is causing margin pressure and suppliers to cut production," he said. "We do expect to see an iPhone5S and a lower cost iPhone introduced in June."
Misek's firm expects Apple gross margins to shrink by 150bps by this Summer, "That means earnings are going to be lower. If we look out, we think that there is between 200 to 300 basis points of additional margin pressure," he said.
Misek expects gross margins for the company to hit 35 percent. "We don't think the street is ready for that," he said.