Apple (AAPL) SOC Event Summary and Thoughts - BofA Securities

BofA Securities analyst Wamsi Mohan reiterated a Buy rating and $215.00 price target on Apple (NASDAQ: AAPL) after the company announced the M1 Ultra, which features UltraFusion, a new packaging architecture that interconnects the die of two M1 Max chips to create a system on a Chip (SoC) with higher performance and better power efficiency. This showcases the power of Apple Silicon and seamless integration of hardware and software.

Other announcements include:

• a new iPhone SE (SE 3) with the A15 Bionic chip, support for 5G, better battery life, improved durability, and new camera system. Pre-orders start Fri Mar 11th.
• the Mac Studio desktop which will be configured with a choice of M1 Max or M1 Ultra chips. The analayst sees the system as a powerful tool for musicians, 3D artists, App developers, photographers and videographers.
• a new iPad Air with the 8-core M1 chip and 5G connectivity.
• TV+ Friday Night Baseball, which brings two baseball games to AppleTV+ exclusively each Friday. The baseball games can be streamed on any Apple device that supports AppleTV+, including the iPhone and iPad.

The analyst stated "Our estimates remain unchanged for now, and we maintain Buy on multiple tailwinds on both hardware (new product cycles) and services (acceleration in services, growth in users, average sell prices, and increased penetration of installed base)." "Apple has done a great job in gaining share in the higher smartphone price bands, and we think this refresh of the SE could help the company gain share in the lower bands. Apple highlighted that this past fall, the company added more new users to the iPhone 13 lineup than in each of the previous five launches, and it hopes to build on this momentum with the iPhone SE."

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 $157.43 yesterday.

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