Apple (AAPL) 'Buy' Rating Reiterated at BofA as Survey Hints at Strong iPhone 7 Cycle
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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.
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