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Analysts Apple Responses
Barclays maintained Equal Weight rating and raised its target price to $161 from $157.
BMO Capital Markets maintained Market Perform and raised its target price to $171 from $166.
BTIG reiterated Buy rating and raised target price to $207 from $198. BTIG increased 2018 expectations to estimate to $12.55 EPS based on higher share repurchase activity and on increased revenue expectations for service revenues and from the Apple Watch.
Canaccord Genuity reiterated Buy rating and raised its target price to $208 from $200. After saying anticipated lower iPhone average selling prices due to mix and lower unit sales due to inventory reductions.
CFRA (S&P) reiterated Buy rating and $195 price target. The firm’s target is based on 14.9 times its fiscal 2019 EPS target after better than expected earnings, stable iPhone unit shipments and growing revenue through services.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.
FBN Securities maintained Outperform but lowered its target price to $200 from $210. The view is that Apple may have disappointed investors by announcing (only) a $100 billion new share repurchase authorization, but the better report and guidance were far more important.
HSBC reiterated its Buy rating and has a $205 price target.
Loop Capital reiterated its Buy rating and $195 price target. Loop believes that Apple’s shares have to digest stronger-than-anticipated results after absorbing significant reductions in iPhone unit expectations that it believes is likely to have a tail through the year and the launch of the iPhone X V2.
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