Apple's (AAPL) Q3 Results Are Likely a Non-Event - Bernstein

Bernstein analyst Toni Sacconaghi reiterated a Market Perform rating and $370.00 price target on Apple (NASDAQ: AAPL) noting that Q3 results have historically had little impact on Apple’s stock with investor attention typically focused on the next iPhone cycle. Historically, this has meant consistent and meaningful outperformance for AAPL in the 6 and 3 month periods prior to new iPhone launches over the last 12 years.

The analyst stated "We see potential for Apple to guide below consensus for Q4 – should they choose to guide at all – if coronavirus delays the release of the next-generation iPhone into October or later. Nevertheless, we suspect investors will consider Q3 a nonevent, barring any significant
surprise to Services and / or iPhone pricing and margins". Regarding estimates, he stated "We have tweaked our estimates slightly and remain modestly below consensus for Q3 and Q4".

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 $367.00 yesterday.

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