Apple shares are approaching all-time record high territory as analysts expect a stellar earnings report from the company next Wednesday, January 27th, after market close.
Morgan Stanley analyst Katy Huberty on Thursday reiterated her Overweight rating on Apple stock and lifted her price target to $152 from $144. She writes that her checks find that Apple saw strength across its products and services portfolio in the quarter, driven by 5G iPhone adoption, the work-and-learn-from-home trend, and sustained engagement with the App Store.
Huberty expects double-digit revenue growth in all revenue segments, with “risks skewed to the upside” for iPhones, Macs, and Services. Her revenue estimate for the quarter is $108.2 billion, well above consensus at $102.6 billion.
D.A. Davidson analyst Tom Forte also repeated his Buy rating on the stock, noting that the stock looks “delicious,” though it has pushed past his $133 price target. (He says his target is “under review” pending next week’s earnings report.) Forte also has estimates above consensus for the quarter—he sees $106.2 billion in sales, with profits of $1.52 a share.
MacDailyNews Take: Apple seems destined to report cracking, perhaps easily, the $100 billion quarterly revenue barrier and notching all-time record revenue for Q121!