Apple (AAPL) Likely to Report In-Line - Cowen

Cowen analyst Krish Sankar reiterated an Outperform rating and $180.00 price target on Apple (NASDAQ: AAPL) expecting inline results when the company reports F4Q earnings on 10/28 AMC. This comes despite a $3B sales impact from component tightness for iPhone and iPad. Expectations for Dec Q sales are an increase of +36% Q/Q to 81M iPhone units.

The analyst stated "We model on strong end demand. iPad & Mac units should remain strong barring supply shortages. Services is expected to see further paid subs and search ads growth though App Store policy changes are coming." He went on to comment "We believe investor sentiment is still negative on the stock driven by concerns on iPhone units momentum, litigations/ government oversight, and C4Q seasonality (stock under-performs post new iPhone release). Our latest industry field work does not suggest any iPhone 13 device production or wafer start cuts. For more details, please see our latest Smartphone Monthly here."

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 $148.69 yesterday.

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