Apple (AAPL) New iPhones Should Ensure Strongest and Most Profitable Cycles - RBC Capital
RBC Capital analyst Amit Daryanani reiterating an Outperform rating and $150 price target on Apple (NASDAQ: AAPL) following yesterday's iPhone event.
Daryanani commented, "APL announced several products including the iPhones 6S/6S Plus, an iPad Pro, and an updated Apple TV offering. Fundamentally, the new iPhones should ensure not just one of the strongest iPhone cycles but very likely also the most profitable one, as AAPL will see expansion of ASPs with iPhone 6S. The new leasing program should further accelerate demand and share gains for AAPL given just 27% of the install base has migrated to the iPhone 6 product line as of June-qtr. We think the stock could work higher once we see next week's sales numbers and initial demand for the iPhones becomes more apparent."
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Shares of Apple closed at $110.15 yesterday.