“Wamsi Mohan of Bank of America Merrill Lynch has reiterated a Neutral rating on the company [Apple Inc.], with a price objective of $13,” Patrick Williams reports for Benzinga.
“Although the company had obviously built inventory in preparation for the launch of its new iPhones, the new annual upgrade plan has led to incremental demand, which Mohan estimates at ‘a few million units in the Dec quarter,'” Patrick Williams. “Given the first weekend sales and base iPhone unit growth, the iPhone unit estimate has been raised from 72 million to 77 million for the December quarter. Mohan expects Apple to sell 47 million units in the September quarter.”
“The Mac unit sales estimate has been raised for the September quarter,” Patrick Williams. “‘Sales of Apple Watch should benefit from increased distribution, and we increase Dec units by 2 million units,’ the report mentioned.”
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MacDailyNews Take: Sales of Apple Watch will also benefit from better advertising, more of it in prime time on TV, and the upcoming holiday shopping season. Apple Watch makes a wonderful gift!