Apple (AAPL) Bullish Stance Reiterated at Canaccord Genuity Amid Q3 Results, Upcoming iPhone Refresh
- Wall Street gains as data points to improving economy
- Unusual 11 Mid-Day Movers 7/1: (YECO) (FTEK) (GBR) Higher; (FC) (HIMX) (MU) Lower
- NHTSA Probes Tesla (TSLA) After Fatal Model S Autopilot Crash
- Caution: Wall Street Rumor Mill in Overdrive
- Apple (AAPL) in Talks to Acquire Jay Z's Music Service Tidal - WSJ
Canaccord Genuity analyst Michael Walkley reiterated a Buy rating and $112 price target on Apple (NASDAQ: AAPL) following Q3 results.
Walkley said “With our recent surveys indicating growing consumer awareness and channel willingness to pay more for new larger-screen iPhones, we still anticipate a very strong iPhone 6 upgrade cycle.”
He added “... we believe consumers slowed the pace of iPhone upgrade purchases during the iPhone 5 and 5s product cycles, and we believe the extended replacement rates combined with new larger-screen iPhones position Apple with its large installed base for record iPhone 6 sales. Further, we believe Apple will charge a premium for these larger-screen iPhones resulting in stable gross margin trends for overall Apple but with a higher gross margin dollar contribution due to an increasing revenue mix from higher ASP iPhones.”
The analyst lowered his 2014 Annual EPS estimate to $6.26 and made no changes to his 2015 Annual EPS estimate. He lowered his 2014 Annual Revenue estimate to $179.7B and made no changes to his 2015 Annual Revenue estimate.
Shares of Apple closed at $94.72 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Netflix (NFLX) Initiated with 'Buy' at Canaccord Genuity on Forecast for Strong Long Term Subscriber Growth
- Nike (NKE) Phil Knight Retires from Board, Mark Parker Named Chairman; Apple's (AAPL) Tim Cook Appointed Lead Independent Director
- Monsanto (MON) PT Lowered to $118 at Piper Jaffray
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View
Related EntitiesCanaccord Genuity
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!