Piper Jaffray keeps an Overweight rating on Apple
Apple Inc. (NASDAQ:AAPL) released the much anticipated iPhone 7 in September, which has led many to speculate over the product’s performance in the market. In an updated research note sent out to clients and investors today, investment firm, Piper Jaffray, weighed in on this regard.
The firm recently conducted a survey across 134 Apple Stores in US and concluded that the availability of the device is still restricted. According to analysts at the firm, iPhone’s availability in China is comparatively low, at 12%. Analysts believe that that constraint supply for the iPhone would result in demand moving from September to December. This would in turn create a much bullish picture for the company for the next quarter. Piper Jaffray currently has an Overweight rating and a $151 price target for Apple stock.
Investment firm, Stifel, weighed in on Apple earlier this week and increased its estimates. Analysts at the firm believe that revenue from iPhone would go beyond consensus estimates. According to estimates, Apple has a user base of 700 million. Additionally, the firm highlighted that this time around Apple’s December quarter has one extra week as opposed to last year. The firm projects that Apple’s guidance for December quarter EPS would surpass consensus estimates. The firm bumped its price target to $130 from $120, and reiterated its Buy rating.
In a research note sent out the same day, UBS expressed similar sentiments. The firm believes that Apple’s guidance for the fourth quarter would come in above the Street’s expectations. The firm attributes this on the extra week in the December quarter this year. According to the firm, the demand for the iPhone 7 is better than its predecessor the iPhone 6s. Apple stock declined by 0.01% in late trading hours, today.