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- Apple Inc. (NASDAQ: AAPL) shares have lost 10 percent in the last six months, declining from $132.07 on July 20.
- BMO Capital Markets’ Keith Bachman maintained an Outperform rating on the company, with a price target of $145.
- Apple’s revenue guidance for the December quarter is a source of relief and Apple’s installed base offers a runway for iPhone growth in FY16, Bachman mentioned.
Apple announced its revenue guidance for the December quarter only about 80 bps lower than consensus at the midpoint, as compared to BMO’s estimate of about 2 percent lower. “Against a wall of worry created by the supply chain, we think Apple’s rev guide is a source of relief,” analyst Keith Bachman said.
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The EPS estimate for FY16 has been raised from $9.83 to $10.12. Bachman expects the company to generate 90 million new subscribers in FY16, which would be growth in the installed base. Apple is also expected to record about 150 million upgrades, representing two-thirds of total iPhone sales in FY16.
“We found it interesting that Tim Cook mentioned that new users in China were more than 50% of unit shipments, and we believe this is likely the case for all emerging markets,” Bachman wrote. He added that China constituted at least 25 percent of the total iPhones.
In view of Apple’s comments on iPhone shipments in China, the assumption of new sub adds representing approximately a third of iPhone shipments appears “reasonable, if not conservative.”
Bachman commented that 69 percent of the installed base yet to upgrade, which leaves Apple “a lot of room” for iPhone growth in FY16.
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.