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Cantor's Brian White Hikes Apple EPS Estimates, Reiterates Buy With $195 Price Target

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In a report published Wednesday, Cantor Fitzgerald analyst Brian J. White maintained a Buy rating on Apple Inc. (NASDAQ: AAPL), with a price target of $195.

Apple reported robust June quarter results with EPS ahead of the estimates. The company's 3QFY15 sales at $49.61 billion were up 33 percent year on year, while EPS at $1.85 was up 45 percent year on year.

The company's iPhone sales of 47.5 million units were, however, short of expectations. The iPhone unit sales were up 35 percent year on year, while iPad unit sales were down 18 percent year on year.

In the report Cantor Fitzgerald noted, "Mac unit sales came in at 4.80 million units (up 9% YoY), slightly below our 4.93 million projection given a later than anticipated ramp of the new MacBook. We estimate Apple Watch unit sales were between 2.4-2.6 million in 3Q:FY15; however, Apple did not provide any unit or sales figures."

Apple's total sales in Greater China were up 112 percent and constituted 27 percent of the company's total sales, with iPhone units up 87 percent.

Analyst Brian White said, "In our view, Apple is still in the midst of a transformational, super cycle with the first new product category in five years with Apple Watch, a multi-year iPhone cycle given the larger form factor, big momentum in China, potential new areas of innovation (e.g., streaming TV, growing interest in the car), and a rapidly expanding digital matrix (e.g., Apple Music, Apple Pay, CarPlay, etc.)."

The EPS estimates for 4QFY15 and FY16 have been raised from $1.82 to $1.89 and from $9.82 to $10.05, respectively.

Latest Ratings for AAPL

DateFirmActionFromTo
May 2019MaintainsNeutral
May 2019MaintainsMarket PerformMarket Perform
May 2019MaintainsOverweightOverweight

View More Analyst Ratings for AAPL
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Posted-In: Cantor FitzgeraldAnalyst Color Reiteration Analyst Ratings

 

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