Kit Rees and Ryan Vlastelica for Bloomberg:
Apple Inc.’s results were praised for a quarter which had “no blemishes,” according to Wedbush, as demand for recently-released iPhone 11 models bodes well for the holiday period. Multiple analysts raised price targets, with a new Street-high from Morgan Stanley [$296] implying 22% upside for the tech giant.
Analysts were also positive on the performance of Apple’s services business and sales of wearable technology. Looking further ahead, the potential release of a low-cost SE2 iPhone model as well as 5G-enabled devices may provide a further boost.
The stock gained as much as 2.2% and returned near record levels hit earlier this week.
MacDailyNews Take: Onward and upward! Apple TV+ launches tomorrow, a low cost iPhone in early 2020, and the next-gen 5G iPhones loom large!
No blemishes is high praise for Apple. /s
I want to make some snarky remark but honestly, Apple has done well this year and actually does still have the highest market cap by a smidgen, so why should I complain. I thought earnings would push Apple to $250, but it didn’t. Hardly anything to lament about. It was said this quarter could go either way and up is better than down, so I should be satisfied. Apple seems to be working hard to make revenue, so that’s a good thing as far as I’m concerned. Time to look forward to the next quarter and that also looks promising. All of Apple’s recent products are getting good reviews which has been a pleasant change from last year.
Hmmm, “no blemishes.” This qualification makes me suspicious from the get-go. Maybe my cynicism would have been in the backseat a few years ago, but with all of the current variables bring uncertainty, ahh-no.
I do see satisfying efforts/gains to compensate for the falling iPh revenue, but the link below does add some challenging info to yesterday’s positive results….
https://www.ccn.com/apple-stock-appl-stock-market-overvalued/
Apple are beginning to release more products / services and it is starting to show both in sales and in the market reaction.