Apple (AAPL): Remaining Cautious After Sell-In - Rosenblatt
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Rosenblatt analyst, Jun Zhang, reiterated his Neutral rating on shares of Apple (NASDAQ: AAPL) after checks revealed that Apple increased iPhone 7 Plus Q4 production by 3M and required OEMs to speed up shipments. The analyst stated "Although it has not happened yet, we believe it is likely that Apple will trim down their iPhone 7 model production post-launch".
Despite the increase in orders the analyst's thesis is unchanged: "the iPhone 7 could do well, but we still remain cautious on sales of iPhone legacy models, which in the past was the driver for iPhone unit growth. It is in our view that the earlier and initial launch in more countries could boost the short-term sell-in, but we are still monitoring the order sustainable after the initial sales".
No change to price target of $102.
Shares of Apple closed at $111.77 yesterday.
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