More Analysts Apple Responses
Merrill Lynch reiterated Buy rating and raised price objective to $225 from $220. Note implied iPhone units in the coming quarterly guidance was higher than investor expectations and iPhone X was the number one selling phone in China.
Merrill also said services growth of 31% was much broader than just licensing increases. Sees gross margins having tailwinds into 2019 from lower component costs, flow through of foreign exchange benefits and also an improving services mix.