Morgan Stanley: Apple likely to beat Wall Street estimates for holiday 2021 quarter

Apple is likely to beat Wall Street estimates for the 2021 holiday quarter (fiscal Q122), but this is “relatively priced in by the market,” Morgan Stanley writes in a note to investors.

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Apple’s 24-inch iMac

Chris Ciaccia for Seeking Alpha:

Analyst Katy Huberty, who has an overweight rating and a $200 price target, said that revenue stability, upcoming product launches and expanding into new markets, such as the oft-rumored AR/VR headset “makes [Apple] more defensive in a rising rate environment.”

Huberty notes that Apple shares are up 19% since the October 4 low, compared to a 5% gain for the S&P 500, but have underperformed the index year-to-date – down 9% versus down 6% – noting a “strong December month performance.”

Concerning the quarter, Huberty said she expects Apple to report revenue figures that are 3% ahead of what Wall Street is expecting, citing stronger iPhone production and fewer manufacturing hiccups, thanks in part strong growth from China in the quarter.

MacDailyNews Take: Apple reports Q122 results on January 27th. Analysts’ consensus expects the company to earn $1.88 a share on all-time quarterly revenue of $118.2 billion.

We’ll have Apple’s results for you as soon as they are released, just check our homepage right around 1:30 p.m. PT / 4:30 p.m. ET on January 27th. We will follow that with live notes from Apple’s’ conference call starting at 2:00 p.m. PT / 5:00 p.m. ET that day.

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