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.
Following Apple Inc. (NASDAQ: AAPL) reporting largely in-line FQ4:16 results and issuing a better-than-anticipated revenue guidance, Credit Suisse’s Kulbinder Garcha recommended buying any dips in the stock.
Garcha maintains an Outperform rating on the company, with a price target of $150.
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!
Encouraging Guidance
Apple reported its FQ4:16 revenue at $46.9 billion and EPS of $1.67 while guiding to revenue of $77 billion at the midpoint, which the analyst mentioned was better than expected.
“While there may be some near-term weakness after the recent strength, we believe the lack of upside to estimates is more reflective of supply constraints,” Garcha explained, while adding, “Fundamentally we believe our thesis remains intact with the iPhone 7 driving the business back to growth followed by an iPhone 8 super cycle.”
FCF Sustainable
Long term, the analyst believes free cash flow of $67 billion should be sustainable, given the high retention rates, multi-product compute advantage and superior ecosystem.
For FQ4, Apple reported iPhone units of 45.5 million, representing an improvement over the previous quarter. Garcha now expects 77.3 million iPhone units for FQ1:17.
“The company noted that the iPhone 7 and in particular the 7 Plus are both currently supply constrained and may not reach supply and demand equilibrium until the end of the year or later, suggesting underlying demand is strong,” the analyst stated.
At last check in Tuesday's pre-market, Apple was down 3.32 percent at $114.33.
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.