FBR Capital's Ives Sees Growing Apple Watch Interest (AAPL)
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FBR Capital's Apple (NASDAQ: AAPL) Daniel Ives weighed in on the stock following Black Friday checks. Ives said the Watch is showing signs of life heading into the Holiday season.
"This morning, November 27, our Black Friday Apple store checks for revealed growing interest in Apple Watch sales heading into the holiday season. While supply constraints/a choppy launch period have caused stumbles out of the gates for Cook & Co. on the Apple Watch front since April's unveiling, we have slowly seen momentum in the field over the last few months; this morning, we heard of ramping interest/sales among consumers based on our conversations at various Apple, Target, and Best Buy stores. While Watch unit sales have been roughly 6 million since launch, based on our analysis and improving consumer interest heading into the holiday season, we believe Watch sales in the December quarter should be close to the 5 million-/6 million-unit mark. Taking a step back, Apple Watch is still a rounding error on overall Apple sales; however, the wearables category is an important area for Apple going forward, and Watch sales are being closely watched into the holiday season as a barometer for future growth/product areas. Wearables, streaming, augmented/virtual reality (Faceshift), and auto represent next-generation avenues of growth that are key to Cook's grand vision for Apple into the next decade, in our opinion."
The firm maintained an Outperform rating and price target of $175.00
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 $118.03 yesterday.
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