Credit Suisse Happy With Apple (AAPL) Results, Keeps Stock On Focus List

Credit Suisse maintains Outperform on Apple (NASDAQ: AAPL) price target of $150.00. Apple remains a Credit Suisse Focus List Stock.

Analyst Kulbinder Garcha comments "Apple reported a solid quarter for F1Q17 results with revenues of $78.4bn (+67.2% qoq /+3.3% yoy) and EPS of $3.36 vs. cons of $3.11/$3.21. With the iPhone returning to growth and Services again showing stellar growth (with management expecting Services revenue to double in 4 years), we believe our thesis is intact. Furthermore, we still look forward to an iPhone 8 super cycle. LT, given high retention rates, a superior ecosystem, and a multi-product compute advantage, FCF of ~$67bn should be sustainable. We adjust CY17 revenue/EPS to $231bn/$9.48, and CY18 revenue/EPS to $252bn/$11.42."

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $121.35 yesterday.

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