Apple (AAPL) Earnings Preview - RBC Capital
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RBC Capital analyst Robert Muller reiterated an Outperform rating and $145.00 price target on Apple (NASDAQ: AAPL) after intraquarter data points suggest strong demand for the new iPhone lineup.
The analyst stated "Though consensus estimates have climbed recently, we believe they are likely still lower than the buyside. A primary question going into the print is whether, and to what extent, supply constraints impacted iPhone performance. If so, given the high satisfaction of iPhone customers, we believe the demand will merely be pushed to F2Q21." He went on to state "We forecast revenue/EPS of $98.9B/$1.32 vs. consensus of $102.0B/$1.37 (Visible Alpha). Looking ahead to F2Q21, we forecast revenue/EPS of $68.5B/$0.87 vs. consensus of $72.9B/$0.87; however, given continued COVID-19 uncertainty, we do not expect AAPL to reinstate guidance but we do expect directional by segment commentary."
Shares of Apple closed at $142.95 yesterday.
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