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.
Apple Inc. (NASDAQ: AAPL) reported its FQ3 results at a slight beat to expectations.
BTIG’s Walter Piecyk raised the price target on the company from $115 to $124.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
“Valuation multiples are a function of growth and risk, and with FQ3 behind us and reasonable guidance for the current quarter, we believe investors can now focus on what new products and services can return Apple to growth,” Piecyk mentioned.
iPad Upside
A key source of the revenue upside for FQ3 was the iPad, where ASPs increased 18 percent, with Apple being able to grow its iPad revenue for the first time in 10 quarters.
iPad Pro played an important part in this increase, although the $900 million upside was offset by iPhone revenue, which missed the estimate due to ASP, which declined 9.8 percent.
FREE REPORT: How To Learn Options Trading Fast
In this special report, you will learn the four best strategies for trading options, how to stay safe as a complete beginner, a 411% trade case study, PLUS how to access two new potential winning options trades starting today.Claim Your Free Report Here.
According to the BTIG report, “Apple CFO Luca Maestri cited the impact of an inventory reduction of over 4 million high end phones and a high mix of iPhone SE sales as the driver to the erosion.”
Guidance
Maestri expects the ASP to rise in FQ4, although the company did not provide details regarding the size of this increase.
“If we leave our 45 million iPhone unit estimate unchanged and forecast a $15 sequential increase in ASP to $610, it results in a total company revenue estimate of $46.5 billion, which is in the middle of guidance,” Piecyk stated.
The analyst expects Apple to return to growth in F1Q17.
At time of writing, Apple was up 7.09 percent in Wednesday's pre-market session, trading at $103.52.
Full ratings data available on Benzinga Pro.
Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email feedback@benzinga.com with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card!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.