Apple (AAPL) 'Buy' Rating Reiterated at BofA as Survey Hints at Strong iPhone 7 Cycle
- Wall Street drops as investors brace for presidential debate
- Disney (DIS) Working with Adviser on Potential Twitter (TWTR) Bid - Bloomberg
- Rice Energy (RICE) Acquires Vantage Energy in $2.7B Deal; FY16 Outlook Updated
- Kite Pharma (KITE) Announces Positive Topline Data from KTE-C19 ZUMA-1 Study in Aggressive NHL
- After-Hours Stock Movers 09/26: (KITE) (SNX) (ARRY) Higher; (SXL) (NAT) (RICE) Lower (more...)
Get daily under-the-radar research with StreetInsider.com's Stealth Growth Insider Get your 2-Wk Free Trial here.
BofA/Merrill Lynch reiterated a Buy rating on Apple (NASDAQ: AAPL) with a price target of $130. A survey by the bank indicated there is high intent to upgrade to the iPhone 7, even for owners of newer models. The report noted that this is contrary to expectations that the iPhone 7 will need to have revolutionary new features.
A BofA/Merrill Lynch survey showed 42% of the respondents who intend to purchase an iPhone are waiting for the iPhone 7. Additionally, 51% of those are waiting for the iPhone 7 are current iPhone 6 or 6+ users and another 26% are current 6S or 6S+ user. Of the current iPhone 5s owners, 49% plan to purchase the iPhone 6s or 6s plus, while 21% of current 5s owners are waiting for the iPhone 7.
There were 1000 respondents to the survey across various demographics.
Shares of Apple closed at $94.02 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- CBOE Holdings (CBOE) to Acquire Bats Global Markets (BATS) in ~$3.2B Deal
- Medical Properties Trust (MPW) to Offer 33.5M Shares of Common Stock
- Apptio (APTI) IPO Opens Up 47%
Create E-mail Alert Related CategoriesAnalyst Comments, Hot Comments
Related EntitiesMerrill Lynch, Bank of America
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!