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Analysts proceed to crank out bullish notes about Apple‘s outlook forward of the tech big’s December-quarter earnings report, due simply two weeks from now.
Apple
(ticker: AAPL) had a giant run in late 2021, pushing the inventory near the $3 trillion market capitalization degree, a milestone no firm has beforehand reached. Bulls assume outcomes for the fiscal first quarter ended Dec. 31 might spur the inventory to lastly eclipse that hurdle.
Apple shares on Friday had been up fractionally, at $172.34, in latest buying and selling. The corporate’s market cap sits at $2.81 trillion.
Loop Capital Markets analyst Ananda Baruah on Friday repeated his Purchase score on Apple shares, lifting his worth goal to $210, from $165. He believes the corporate will surpass Avenue expectations each on iPhone models offered and for common promoting costs in fiscal 2022. Apple might publish 10% to fifteen% development in each iPhone and total income this yr, he writes, which might be effectively forward of the Avenue consensus forecast for 4.4% development.
Baruah estimates December-quarter iPhone models had been within the 84-to-85-million-unit vary, above the Avenue consensus at 81 million. Pushed by robust iPhone gross sales, he’s modeling December-quarter income of $122 billion and income of $1.95 a share, above consensus at $118 billion and $1.88 a share. He additionally thinks the Avenue consensus on calendar 2022 iPhone manufacturing is simply too low—he’s anticipating 243 million to 245 million, with the Avenue at 240 million.
Piper Sandler analyst Harsh Kumar likewise repeated his Obese score on Apple shares on Friday, whereas lifting his worth goal to $200 from $175. “We imagine Apple has a good set-up for 2022,” he writes in a analysis notice. “We imagine iPhone momentum will proceed because of 5G adoption, notably in america and China. As well as, we see development in companies and wearables offsetting a few of our development issues in Mac and iPads.”
Kumar provides that he sees healthcare and autos as “the following main development markets for the corporate.” The transfer into these markets, he says, ought to arrange the corporate to broaden its valuation to $4 trillion and past.
“In healthcare, we see the Apple Watch persevering with so as to add increasingly more options, with the purpose of finally providing a blood sugar monitoring system,” he writes. “Inside automotive, experiences proceed to flow into of the corporate’s entry into the market. We imagine the transfer is sensible, given the automotive represents a {hardware} platform on which Apple can promote its companies.”
Write to Eric J. Savitz at eric.savitz@barrons.com
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