BofA/Merrill Lynch Reiterates Buy Rating on Apple (AAPL)
BofA/Merrill Lynch analyst Wamsi Mohan reiterated a Buy rating and $230.00 price target on Apple (NASDAQ: AAPL). As of March 30, 2019, Apple had an authorized program to repurchase up to $100bn of its common stock, of which $61.3bn had been utilized. On April 30, 2019, the company announced that its board of directors had increased the share repurchase program authorization from $100bn to $175bn.
Apple’s manufacturing purchase commitments in the Mar quarter declined 13% Q/Q (-3% Y/Y) to $26.2bn, from $30.2bn in the prior quarter. This sequential decline is lower than the 33% q/q decline seen in the Dec quarter given the significant inventory correction in 1Q and overbuild in early 4Q.
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Shares of Apple closed at $210.63 yesterday.