Stifel Raises Apple (AAPL) PT, Estimates Ahead of Q4 Print
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Stifel analyst Aaron Rakers reiterated a Buy rating and raised estimates and his price target on Apple (NASDAQ: AAPL) to $130.00 (from $120.00) ahead of Q4 results on 10/25.
The firm is increasing F4Q16 (September) and F1Q17 (December) estimates from $45.6B/$1.57 and $70.5B/$3.01 to $47.7B/$1.69 and $74.3B/$3.17 (street: $46.9B/$1.66 and $74.4B/$3.19). They now model iPhone shipments ahead of the street - F4Q16 and F1Q17 iPhone shipments at 47.0M and 76.6M (street: 44.6M & 75.M).
Rakers commented, "The anticipated upgrade rate of what we now estimate as nearing 700M active iPhone installed base remains a key focus - using an 8%-10% iPhone installed base upgrade rate would leave us at an implied 80%+ of our 76.6 million ship estimate, which compares to our estimate of ~50% contributions in the December 2014 and 2015 quarters. It is important to consider the extra (14th) week included in the December quarter – extra week ending on New Year’s Eve, which in the past has been highlighted as a good sell-thru week for Apple and cited as accounting for 1/14th of revenue during the last 14-week quarter (Dec '11; F1Q12)."
Shares of Apple closed at $117.55 yesterday.
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