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  4. KeyBanc Recommends Owning Apple - Boosts Price Target
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KeyBanc Recommends Owning Apple - Boosts Price Target

By Sam Boughedda Apple's (NASDAQ:AAPL) price target was raised to $185 from $177 per share by a KeyBanc Capital Markets analyst on Friday. The analyst told investors in a research...
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KeyBanc Recommends Owning Apple - Boosts Price Target © Reuters. KeyBanc Recommends Owning Apple (AAPL) - Boosts Price Target

By Sam Boughedda

Apple's (NASDAQ:AAPL) price target was raised to $185 from $177 per share by a KeyBanc Capital Markets analyst on Friday.

The analyst told investors in a research note that they recommend owning Apple shares and are raising the price target on the stock based on strong trends.

"Our KFLD shows Indexed Spending was +29% m/m in July, vs. the 3-year avg. of +16%. Our data rapidly rebounded post softer results in April through June. July is seasonally the strongest sequential growth month of F4Q, which appears to be off to a strong start, when we would expect Spend to moderate in August and September," the analyst said. "Currently, the data supports our above-consensus Hardware revenue estimates, which we increase for iPhone (F4Q22: KBCM $69.6B vs. consensus $68.0B) based on further review of our estimates and F3Q22 results"

The analyst added that the data says they should expect better than historical growth for Hardware in the upcoming quarter.

"We are tweaking our revenue estimates for F4Q22 +1.0% driven by +2.2% iPhone revenue. We continue to take comfort in growth in the active installed base of devices, which hit an all-time high in F3Q22, and we believe comments around "strong double-digit" growth in switchers to iPhone as encouraging. We were too quick to reduce our PT due to FX pressure when ex-FX we believe AAPL revenue is growing double-digits, and gross margins are up 100 bps y/y in F4Q22," the analyst added.

Apple shares are down 0.7% Friday.

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01-05-2024 10:45:17 (UTC+7)

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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