Apple (AAPL) Look Through Uninspired F3Q to FY17 - Nomura

Nomura Securities analyst, Jeffrey Kvaal, reiterated his Buy rating on shares of Apple (NASDAQ: AAPL) despite expecting mediocre results for the coming quarter. App store data reveals very healthy growth in iOS downloads and revenue trends. F3Q/4Q iPhone numbers look uninspired,
though early F1Q data points imply a return toward YoY growth in FY17. His thesis is that iOS subscriber growth will drive a return of 5-10% iPhone unit growth in 2017.

No change to $120 PT.

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 $99.87 yesterday.

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