Sacconaghi: Apple Likely to Miss Earnings Targets

In its upcoming quarterly earnings results, Apple is likely to miss revenue targets, Sanford Bernstein Senior Analyst Toni Sacconaghi said Thursday on CNBC.

On "Fast Money," he noted the company's revelation that it had sold 100 million iPads as being short of the 17-18 million "most people have in their models."

"There's nothing distinctively different" about the new iPad Mini, which might not impact revenues much going forward, Sacconaghi added.

(Read More: Apple Stock Heading to $580: Tim Seymour)

But he remained positive on the stock long-term.

"I think for investors who have a six-month or longer time horizon, the 12 percent pull-back in the stock off its recent highs provides a really good entry point," he said.

Trader disclosure: On Oct. 25, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Stephanie Link is long AAPL; Stephanie Link is long JPM; Stephanie Link is long SBUX; Stephanie Link is long VALE; Stephanie Link is long EMC; Stephanie Link is long IBM; Joe Terranova is long VALE; Joe Terranova is long SBUX; Joe Terranova is long SWN; Joe Terranova is long TRV; Joe Terranova is long VVZ; Joe Terranova is long XOM; Joe Terranova is long CVX; Joe Terranova is long GS; Joe Terranova is long GLW; Michael Murphy is long AAPL; Michael Murphy is long WFC; Michael Murphy is long TGT; Michael Murphy is long TWI; Michael Murphy is short FB; Enis Taner is long AAPL PUTS; Enis Taner is long GS; Enis Taner is long WYNN PUT SPREAD;

For Toni Sacconaghi
Toni Sacconaghi maintains a long position in Seagate Technology (STX).
All statements in this report attributable to Gartner represent Bernstein's interpretation of data, research opinion or viewpoints published as part of a syndicated subscription service by Gartner, Inc., and have not been reviewed by Gartner. Each Gartner publication speaks as of its original publication date (and not as of the date of this report). The opinions expressed in Gartner publications are not representations of fact, and are subject to change without notice.
Bernstein currently makes a market in the following companies AAPL / Apple Inc.

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