Apple (AAPL) Showing Much Better Seasonal Stability in January - Drexel Hamilton

Drexel Hamilton's Apple (NASDAQ: AAPL) analyst, Brian White, performed checks for his "Apple Monitor" and believes seasonality is the strongest he has seen since 2008. January sales for the Apple Monitor came in flat MoM, much better than the average decline of 11% over the past ten years after the weakest December on record.

There have been widespread media reports of a special event planned by Apple for March 15 with a new 4-inch iPhone (a.k.a., iPhone 5se or iPhone 6c) and a new iPad Air 3, so the production ramp of these new devices should have already started in January.

After the recent earnings reset, with a new iPhone cycle on the horizon, the ramp of Apple Watch, the potential for increased levels of cash paid out to shareholders and new geographic opportunities (e.g., India), Apple represents one of the best values in the tech world at just 6.5x (ex-cash) our CY:17 EPS projection.

The firm maintained a Buy rating and price target of $200.00

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 $93.99 yesterday.

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