Apple (AAPL): Price Drives Estimate Increases But Ests Stay Below Street - Oppenheimer
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Oppenheimer analyst, Andrew Uerkwitz, reiterated his Perform rating on shares of Apple (NASDAQ: AAPL) after the company reported in-line F4Q16 results and provided mixed F1Q17 guidance.
The analyst stated: "It is hard to prove that the iPhone 7 cycle is stronger or weaker than 6s, since Apple no longer reports first weekend sales and new models are supply-constrained, which is typical for this time of the year. We believe that positive surprise for F1Q17 revenue guidance is mostly due to higher iPhone ASP. Implied Y/Y unit growth for iPhone (about 2% or 1M-2M units) in F1Q17 is in line with prior consensus and not material to support a more bullish view".
The analyst believes that the real proof of iPhone 7 cycle strength lies in March and June '17 results. Estimates increase due to better-than-expected ASP-driven guidance but FY17 remains below consensus.
Shares of Apple closed at $118.25 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Earnings
Related EntitiesAndrew Uerkwitz
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