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Evercore ISI analyst Amit Daryanani raised the target price of Apple shares to $ 135, from $ 135.
Mladen Antonov / AFP via Getty Images
Wall Street is increasingly optimistic
apple‘s
next earnings report.
Earlier this week, I took note of a couple of notes from analysts looking ahead to Apple’s financial results (ticker: AAPL) for the December quarter and raising their price estimates and targets. On Wednesday afternoon, Evercore ISI analyst Amit Daryanani intervened and repeated his Operform score as he raised his stock price target to $ 145, from $ 135.
As with the calls at the beginning of the week from Canaccord and
Swiss credit,
Daryanani raised its expectations for the quarter, which is likely to be released in the last week of January. And, like his peers, he cited the strong initial demand for high-end versions of the iPhone 12.
By raising estimates, Daryanani points to a combination of better-than-expected unit demand and higher-than-expected average selling prices, as consumer demand evolves toward the new high-end Pro and Pro Max versions. telephone line. It also notes “better service growth,” given more than 30% growth in App Store downloads.
“It is important to emphasize that we not only see that demand remains solid [the December quarter] but we also expect the rise to continue [the March quarter]“It gave an extended delivery time for the iPhone 12 Pro and, to a lesser extent, for the Pro Max,” he writes.
“The iPhone Pro has been shipped for two and a half months now and our analyzes suggest that delivery time remains high in all the countries we follow, with the exception of the United States,” Daryanani writes. He says Apple is offering same-day delivery for the iPhone Pro in the U.S. with a special courier service that costs an additional $ 10, but that standard delivery still requires a 21-day wait, a modest improvement over the wait of 33 days in early December.
He points out that in China, the delivery times of the 12 Pro have dropped from 23 to 16 days, but they remain the longest delivery time within ten weeks of the launch of any iPhone in history. He noted that the base iPhone 12 and 12 Mini have shorter delivery times in all regions, “which could point to a strong combination of better priced iPhone 12 professionals.”
Retired Evercore analyst is looking for revenue of $ 104 billion and $ 1.43 per share in quarterly earnings, above the street consensus of $ 102 billion and $ 1.40 per share. It sees 80 million iPhone units for the quarter, with an average retail price of $ 775.
Shares of Apple rose 1.2% to $ 128.17 in the recent trading. He
S&P 500
rose 0.9%.
Write to Eric J. Savitz to [email protected]