Apple Earnings Beat as Service Revenue Soars

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  • #22341
    ThePitBoss
    Participant

    Consumer electronics giant Apple reported better than expected…

    [article]1799[/article]

    #22355
    ThePitBoss
    Participant

    Apple Inc. (NASDAQ: AAPL) was reiterated as Outperform byWedbush Securities and raised its target price to $300 from $265, noting strength in China and that guidance was better than expected for the holiday quarter.

    #22356
    ThePitBoss
    Participant

    Apple Inc. (NASDAQ: AAPL) was maintained at Market Perform by Wells Fargo but raised its target to $245 from $215

    Wells Fargo analyst Aaron Rakers said China is stabilizing while wearables and Services are driving revenue growth.

    “We see Apple’s iPhone stabilization in China as a key driver of Services revenue as the firm looks to maximize ARPU through the continued rollout of new subscription services,” Rakers wrote.

    #22357
    ThePitBoss
    Participant

    Morgan Stanley analyst Katy Huberty said Apple’s numbers were squeaky clean.

    “Our EPS estimates increase slightly and we see further upward EPS revisions as AAPL approaches the 5G cycle and TV+ ramp,” Huberty wrote in a note.

    #22358
    ThePitBoss
    Participant

    Credit Suisse analyst Matthew Cabral said the iPhone 11 cycle is off to a strong start.

    “Against a bar that seemingly kept getting higher into the print, Apple delivered as the iPhone 11 cycle is off to a better-than-expected start and commentary about further improvement in y/y trends expected during C4Q was encouraging,” Cabral wrote.
    Big 2020 Ahead

    #22359
    ThePitBoss
    Participant

    Raymond James analyst Chris Caso said Apple seems to be turning a corner and setting up for a big 2020.

    “Our positive thesis remains underpinned by our expectation for a two year upgrade cycle starting next year, which we think will benefit both units and mix,” Caso wrote.

    #22360
    ThePitBoss
    Participant

    UBS reiterated its Buy rating and raised its target to $280 from $275.

    #22361
    ThePitBoss
    Participant

    D.A. Davidson reiterated its Buy rating and raised its target to $300 from $270,

    D.A. Davidson analyst Tom Forte said Apple’s stock is looking as delicious as ever.

    “After boasting a strong fiscal fourth quarter and exceeding consensus projections across the board, we recommend investors purchase shares and take advantage of the new age Apple,” Forte wrote.

    #22362
    ThePitBoss
    Participant

    Canaccord Genuity reiterated its Buy rating and raised its target to $275 from $260.

    #22363
    ThePitBoss
    Participant

    Loup Ventures’ Gene Munster said investors are starting to get a glimpse into Apple’s grand long-term vision.

    “AirPods Pro ‘transparency mode’ adds to features like ‘Hey Siri’ and ‘magic’ device pairing to create a new kind of personal computing experience – a category we call hearables,” Munster wrote.
    Additional Upside?

    #22364
    ThePitBoss
    Participant

    KeyBanc analyst Andy Hargreaves said Apple shares are fully valued despite the solid quarter and guidance.

    “While the Company has rapidly expanded its Services offering, we continue to expect smartphone saturation to constrain Apple’s overall profit growth,” Hargreaves wrote.

    #22365
    ThePitBoss
    Participant

    Tigress Financial analyst Ivan Feinseth said the iPhone 11, the AirPad Pro and Apple TV+ should drive a string holiday season for Apple.

    “I believe further upside exists in Apple from current levels and continue to recommend purchase,” Feinseth wrote.
    Ratings And Price Targets

    #22510
    ThePitBoss
    Participant

    [b][color=red]Apple shares got a rare sell rating from Maxim Group downgrading $AAPL to sell from hold on concerns about lower iPhone sales next year, citing proprietary survey data.

    A 12-month price target of $190, a 28% downside for the stock after Apple shares hit a record on Wednesday[/color][/b]

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