Apple (AAPL): Price Drives Estimate Increases But Ests Stay Below Street - Oppenheimer

October 26, 2016 6:14 AM EDT
Get Alerts AAPL Hot Sheet
Price: $109.90 +0.37%

Rating Summary:
    61 Buy, 9 Hold, 5 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 11 | Down: 31 | New: 42
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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.

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $118.25 yesterday.



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