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Drexel Hamilton Calls The Bottom In Apple

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Drexel Hamilton Calls The Bottom In Apple
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At its September Event, Apple Inc. (NASDAQ: AAPL) launched the iPhone 7, 7 Plus, Apple Watch Series 2, AirPods and more. The company should return to iPhone unit growth in Q2 and the full year, Drexel Hamilton’s Brian J. White said in a report. He maintained a Buy rating on Apple, with a price target of $185.

White believes the iPhone 7 and 7 Plus would “provide a solid upgrade for consumers” and this would enable Apple to record iPhone unit growth once again in Q2 and FY17. He added that the cycle “has legs,” with the iPhone 8 expected to be launched in 2017 and that Apple’s stock is likely to have approached the bottom.

Related Link: 6 Takeaways From The Apple Event That Differed From Expectations

iPhone 7 And 7 Plus

Both the models are slated to be available for pre-orders on September 9 and available in stores from September 16. Apple would be launching the devices in 29 geographies across 25 countries, which is much broader than the 12 geographies targeted in last year’s launch, White noted.

Another round of geographies will be available on September 23. “Given the big opportunity in India, Apple singled out the country with a solo launch for the first time ever with availability on October 7,” the Drexel Hamilton report stated.

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Latest Ratings for AAPL

DateFirmActionFromTo
Oct 2016Goldman SachsMaintainsBuy
Oct 2016Credit SuisseMaintainsOutperform
Oct 2016PiperJaffrayMaintainsOverweight

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