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- Apple Inc. (NASDAQ: AAPL) has seen a 3.84 percent appreciation in its share price over the past month, with the shares touching a high of $119.08 on October 23.
- Piper Jaffray’s Gene Munster has maintained an Overweight rating on the company, while raising the price target from $172 to $179.
- The company has guided to December quarter revenue above the consensus and estimates, while expecting iPhone units to grow year-on-year during the quarter.
Analyst Gene Munster mentioned that the guidance came in as a relief, “given investors were bracing for the start of the 6S cycle to be down meaningfully,” while stating that the unit growth is being driven by market share gains, with record 30 percent of iPhones sold to those switching from Android in the September quarter.
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Related Link: 8 Apple Analysts Dish Their Thoughts On Earnings
According to the Piper Jaffray report, “The set up for the next 12 months is positive as comfort in the 6S cycle will allow investors to increase their optimism around the iPhone 7, along with a growing multi-year tailwind from iPhone upgrade cycles compressing and a potential Apple Watch acceleration late in 2016.”
Munster believes that the company’s share of the global smartphone market rose to 13-14 percent in the September 2015 quarter, from 12 percent in September 2014. The gains are expected to continue with Apple’s main competitors likely to witness a year-on-year decline in units.
Munster estimates 242 million iPhone units for CY16. CEO Tim Cook also believes that “the new carrier installment plans in conjunction with Apple’s iPhone Upgrade Program should have a positive impact on the iPhone replacement cycle.”
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.