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Apple
The new iPhone models of Apple could sell better than expected in the short term, according to Wall Street's Nomura Instinet and Evercore ISI companies.
Apple
shares (ticker: AAPL) has risen nearly 40% since the beginning of the year, investors anticipating increasing profitability due to the strategic shift of the company towards services. the
Dow Jones Industrial Average
gained 16%.
Last Tuesday, the company announced the details of its upcoming Apple TV + video services and Apple Arcade games. The company also unveiled the iPhone 11, the iPhone 11 Pro and the iPhone 11 Pro Max. These new phone models feature faster processors, improved camera quality and longer battery life. The new iPhones are available for pre-order last Friday and will be available for sale in stores on September 20th.
Amit Daryanani, an analyst at Evercore ISI, reaffirmed Friday its Outperform rating for Apple stocks, citing its growing optimism about iPhone sales for the company's September quarter.
"We believe that there is an inherent benefit to the September PSE, since AAPL does not stagger its launches, but announces the three products simultaneously," he wrote. "We believe this will have a positive impact on earnings and EPS in the seventh quarter, although depending on the receipt of these products, Dec-qtr's revenues could be higher."
The analyst now forecasts a decline of 10% year on year sales of iPhone for the September quarter, while the consensus forecast a decline of 12%.
Nomura Instinet analyst Jeffrey Kvaal said Monday that pre-orders for iPhone 11 were "well-prepared," citing longer delivery times for some models than they did a year ago. However, he advised investors not to extrapolate too much data from the first weekend. Kvaal reiterated his neutral score for the stock.
Apple shares rose 0.5% to $ 219.84 on Monday, while the
S & P 500
fell 0.4% and the Dow is down 0.6%. The company did not immediately respond to a request for comment on the reports.
Daryanani raised its target price of Apple shares to $ 247 from $ 238 to $ 247. Kvaal reaffirmed its price forecast of $ 185.
Write to Tae Kim at [email protected]
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