“Apple shares took a huge leap on Wednesday, a day after the tech giant reported strong demand for the iPhone 7 Plus as well as Mac growth in its first quarter earnings,” Berkeley Lovelace Jr. reports for CNBC. “The iPhone maker reported earnings and revenue that easily beat Wall Street’s projections, but gave future guidance on the lower end of expectations.”
“Though some analysts were put off by the weak guidance, the market is apparently looking past that. Instead, analysts looked toward the much anticipated September release of the iPhone 8 — the 10th anniversary of the release of the iconic device — which is expected to be a significant upgrade,” Lovelace Jr. reports. “Analysts were also assured by Apple CEO Tim Cook’s positive tone around tax reform under President Donald Trump.”
“JPMorgan reiterated its ‘overweight’ rating on Apple and raised its December 2017 price target to $142,” Lovelace Jr. reports. “Oppenheimer said it expects Apple shares to perform well over the next two quarters. ‘CEO, Tim Cook, sounded positive on possible tax repatriation (91 percent of $238 billion cash balance is overseas as of F4Q16),’ Oppenheimer said.”
Read more in the full article here.
MacDailyNews Take: With Apple, Wall Street is like a brain-damaged puppy. Instead of two hundred words, it only knows two: “iPhone” and “taxes.”
But, there’s sooo much more!
Oh, well, c’est la vie; same as it ever was.