Apple (AAPL) Report Contained No New Negative Surprises...Or Catalyst - BMO
BMO Capital analyst, Tim Long, reiterated his Market Perform rating on shares of Apple (NASDAQ: AAPL) noting that the company's report contained no new surprises beyond the issues cited in the negative preannouncement earlier in the month.
The analyst stated "Management did not provide details surrounding units/ASPs across products, but did provide gross margin for products and services. Services margin was a focus, and came in largely in line with consensus speculation. The company also provided guidance for the March quarter that was below our and Street expectations across the board. We are lowering our estimates, and remain Market Perform as we see no catalyst on the horizon".
No change to the price target of $153.
Shares of Apple closed at $163.69 yesterday.