Apple (AAPL) Would Have Met Expectations If Not For Supply Chain Headwinds - Bernstein

Bernstein analyst Toni Sacconaghi reiterated a Market Perform rating and $132.00 price target on Apple (NASDAQ: AAPL) after the company reported Q4 revenues that missed consensus due to a larger than expected negative impact from component shortages/supply chain ($6B vs. $4B). Despite the difficulty, management guided toward growth of 6% - 9% YoY for FY Q1, despite an expected supply chain impact of more than $6B. Additionally, gross margins are expected to be higher than expectations.

The analyst stated "Adjusting for the supply chain issues, revenues were inline. Our FY 22 revenue and EPS estimates change modestly and we expect minimal change to consensus." "We see risk-reward on AAPL as relatively neutral, given its valuation (higher than GOOG and FB), ongoing supply chain uncertainty (making it difficult to gauge the strength of the iPhone cycle) and no obvious catalysts for multiple expansion, given slower expected growth in FY 22."

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 $152.48 yesterday.

You May Also Be Interested In

• Apple's June guidance will miss Street estimates - Barclays
• Adyen NV (ADYEN:NA) (ADYYF) PT Lowered to EUR1,810 at Morgan Stanley
• Stifel Upgrades LeMaitre Vascular (LMAT) to Buy