RBC Capital Highlights 3 Key Apple (AAPL) Takeaway from DLG Print

RBC Capital analyst Amit Daryanani offered three key takeaways for Apple (NASDAQ: AAPL) from the DLG print .

1) ASPs suggest 4" Phone Coming: DLG indicated ASPs are stable/flat for CY16E. We believe a 4-inch iPhone would carry a lower PMIC ASP vs. DLG's corporate average; thus this may weigh on DLG's ASPs near-term;

2) CY16 Guide Bullish vs. AAPL Expectation: DLG's revenue guidance of up single digits y/y is in-line with our AAPL model if we add ~10M units from a 4 inch iPhone model into our estimates;

3) Upside to June iPhone Units?: DLG's guide for march-qtr is modestly worse than current iPhone expectations (though this may be driven by channel inventory dynamics), on the other hand their commentary that March-qtr is the bottom from a units perspective suggests upside to June-qtr for AAPL

The firm maintained an Outperform rating and price target of $130 on AAPL.

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 $101.87 yesterday.

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