Following a blowout all-time record earnings report on Wednesday, analysts on rushed to upgrade their Apple price targets.
Apple posted all-time record revenue of $111.4 billion, up 21 percent year over year, and quarterly earnings per diluted share of $1.68, up 35 percent.
“Our December quarter business performance was fueled by double-digit growth in each product category, which drove all-time revenue records in each of our geographic segments and an all-time high for our installed base of active devices,” said Luca Maestri, Apple’s CFO, said in a statement. “These results helped us generate record operating cash flow of $38.8 billion. We also returned over $30 billion to shareholders during the quarter as we maintain our target of reaching a net cash neutral position over time.”
Apple Q121 results:
• Revenue: $111.4 billion (vs. $91.819 YOY)
• EPS: $1.68 (vs. $1.25 YOY)
• iPhone: $65.597 (vs. $55.957 YOY)
• Services: $15.761 (vs. $12.715 YOY)
• Wearables, Home and Accessories revenue: $12.971 (vs. $10.010 YOY)
• Mac: $8.675 (vs. $7.160 YOY)
• iPad: $8.435 (vs. $5.977 YOY)
Changes to Apple price targets:
• Needham: To $170 from $140
• D.A. Davidson: To $167 from $133
• Wells Fargo: To $160 from $155
• Deutsche Bank: To $160 from $140
• Morgan Stanley: To $164 from $152
• Credit Suisse: To $140 from $120
MacDailyNews Take: May these new Apple price targets awaken investors with aplomb!