All eyes will be on Apple’s Q2 earnings scheduled to be announced after market close on Thursday, April 30th (right around 1:30pm PDT / 4:30pm EDT).
There’s a lot up in the air right now for Apple, argues Wedbush analyst Daniel Ives. The analyst foresees some dark days ahead for the tech giant before emerging on the other side…
Looking ahead to next week’s earnings report, Ives sets an ominous tone and believes the Street is prepared for a “Friday the 13th-like March quarter and June guidance.” Ives points out, bluntly, that “global lockdown has put health, jobs, groceries, and hand sanitizer well above buying a $1,000+ iPhone 11 on the consumer priority list in this environment.”
However, with the bad news out of the way, Ives believes investors will look through the macro challenges and focus on the upcoming iPhone 12 cycle… The 5-star analyst keeps an Outperform rating on Apple shares, along with a $335 price target, which implies about 18% upside from Friday’s closing price.
MacDailyNews Note: From Ives’ note to clients, verbatim:
Our Asia checks and supply chain contacts are now looking at iPhone units in the 165 million to 185 million range for CY20 with strong underlying momentum into CY21 on the heels of iPhone 12… In sum, it will be some dark days ahead for Cook & Co given this unprecedented COVID-19 environment, however on the other side of the valley the pieces are in place for a robust product cycle into FY21 with a more normalized macro backdrop — Wedbush analyst Daniel Ives
We’ll certainly have our eyes on Apple’s Q2 earnings! Apple is slated to release Q220 results after market close on Thursday, April 30, 2020. We’ll have them for you as always right around 1:30pm PDT / 4:30pm EDT. Apple’s conference call to discuss Q220 results is scheduled to start right after that at 2:00pm PDT / 5:00pm EDT. We’ll cover the conference call with live notes as usual, too. Just check our home page around 1:45pm PDT / 4:45pm EDT on Thursday, April 30, 2020 for that link.