In a note, Baird said it expects the technology giant will report earnings per share of $7.46 for financial 2017, well below consensus estimates of $9.06.
“It is rough for stocks to work until you get them enough reset to where you can at least match, if not surpass, estimates,” Power told CNBC’s “Squawk Box.”
In the smartphone section that is crucial, Baird anticipates 90 million to 110 million units of the coming iPhone 7 indicating a small year-over-year decline from first procurement for the iPhone 6s.
In 2017, Baird finds iPhone cargoes falling 2.3 percent from 2016. The consensus calls for a mid-single-digit boost, Baird noted, mentioning FactSet data.
“Sadly, the iPhone 7, while I believe it is going to be a fine upgrade, it does not seem like it’ll be a game changer,” Power said.
Consensus approximations find Apple growing to about $122 per share, down from predictions for approximately $146 at the start of the year, according to FactSet.
However, that is insufficient in the perspective of Power. The shares were up marginally to $90.70 in early trading Friday.