Apple (AAPL) Back with Black Friday Savings - Drexel Hamilton

November 25, 2016 8:10 AM EST
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Drexel Hamilton analyst Brian White notes that after skipping Black Friday last year, Apple (NASDAQ: AAPL) returned to the company's traditional "one-day shopping event" today with Apple Gift Card discounts across products such as the iPhone, iPad, Apple Watch, Mac and Apple TV.

"We believe Apple remains one of the best positioned tech companies to benefit from spending trends this holiday season with a well-received iPhone 7/7 Plus, a new Apple Watch and a new MacBook Pro with Touch Bar," the analyst said.

White highlighted:

  • For iPhones, Apple is offering $25 and $50 Apple Gift Cards across select SIM-free iPhones, including the iPhone SE ($25 Apple Gift Card), iPhone 6s ($50) and iPhone 6s Plus ($50). This implies a discount of 6-9%. Unlike Black Friday 2014, Apple did not include the latest iPhone family this year.
  • For iPads, Apple is offering $50 and $100 Apple Gift Cards across the iPad Pro 9.7-inch ($100), iPad Pro 12.9-inch ($100), iPad Air 2 ($50) and iPad mini 4 ($50). This implies a discount of 8-17%. The iPad Pro 9.7-inch, 32GB with Wi-Fi only was introduced in March and holds an implied discount of 17%.
  • For Apple Watch, Apple is offering $25 Apple Gift Cards across the 38mm and 42mm Series 1 models (aluminum; Silver, Gold, Rose Gold, Space Gray). This implies a discount of 8-9%.
  • For Macs, Apple is offering $150 Apple Gift cards across the MacBook, MacBook Pro 13-inch, MacBook Pro 15-inch, MacBook Air, iMac (21.5-inch and 27-inch) and Mac Pro. This implies a discount of 4-15%. For Apple TV, Apple is offering a $25 Apple Gift Card for both the 32GB and 64GB models. This implies a discount of 13-17%.

The firm reiterated a Buy rating and $185 PT on Apple.

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 $111.23 yesterday.



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