Apple (AAPL) Bullish Stance Reiterated at Canaccord Genuity Amid Q3 Results, Upcoming iPhone Refresh

July 23, 2014 9:27 AM EDT Send to a Friend
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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.

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 $94.72 yesterday.



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