“Citigroup’s Jim Suva reiterates a Buy rating on Apple shares, and raises his price target to $130 from $120, after raising his iPhone unit shipment estimate for the December-ending fiscal Q1 to 79.4 million from 73 million, boosting his financial estimate for the quarter to $74.4 billion in revenue, 38.7% gross margin, and $3.15 per share in earnings,” Ray reports. “That revenue number is slightly higher than the consensus $74 billion, he notes.”
“Sure, supply of the iPhone is a factor in the current long wait for units, but he thinks demand is also very good at this point,” Ray reports. “Also this morning, BTIG Research’s Walter Piecyk notes this morning long wait times, writing ‘the initial results indicate longer waits for iPhones and are supportive to our thesis that Apple can return to growth in the December quarter.'”
Read more in the full article here.
MacDailyNews Take: Not bad for Apple’s “boring” iPhone 7 series or, in other words, the best iPhones we’ve ever owned by a significant margin. Our iPhone 6s Plus pales in comparison to our new iPhone 7 Plus units in terms of speed, haptics, and camera quality.
[Thanks to MacDailyNews Reader “Dan K.” for the heads up.]