Tough Comps Likely to Impact Apple (AAPL) Stock Performance, Mizuho Securities Says
Mizuho Securities analyst Abhey Lamba reiterated a Neutral rating and $125 price target on Apple (NASDAQ: AAPL) following Q4 results, noting iPhone unit outlook is in-line with the Street but tough compares will likely impact the stock performance.
Lamba commented, "Apple reported F4Q15 results ahead of consensus, but performance was largely inline with buy-side expectations. Revenues were slightly ahead while EPS benefited from better margins. iPhone shipments were inline with estimates of 48mm but ASP of $670 was significantly higher. F1Q16 guidance was inline as well. Although the company continues to perform well, we think stock performance remains tied to iPhone shipments, which face tough compares over the next couple of quarters making it difficult for the stock to work. We maintain our Neutral rating and $125 PT."
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Shares of Apple closed at $114.55 yesterday.