Apple (AAPL) Services Update Underwhlems - Nomura
Nomura/Instinet analyst, Jeffrey Kvaal, reiterated his Neutral rating on shares of Apple (NASDAQ: AAPL) after the company disclosed F1Q Services revenue of $10.8bn (consensus $10.5bn).
The analyst stated "This equates to 28% YoY growth – faster than the App Store. Apple cited record results in Apple Music and iCloud, which are both low margin products, but not AppleCare, which commands high margins." "We had hoped for more as China had lifted its gaming restriction".
No change to the price target of $175.
Shares of Apple closed at $144.60 yesterday.