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Evercore ISI Removes Apple (AAPL) From tactical Outperform List Following Strong Earnings
October 28, 2022 10:12 AM EDTEvercore ISI analyst Amit Daryanani reiterated an Outperform rating and $190.00 price target on Apple (NASDAQ: AAPL).
The analyst comments "We are removing Apple from our tactical outperform list as our key catalyst was the Sept-qtr earnings that were reported last night. AAPL reported Sept-qtr results of $90.15B/$1.29 (vs. street at $88.7B/ $1.27) with topline growth of 8% despite nearly ~600bps of f/x headwind. Notably, iPhone growth was robust at 10% (though ~100bps below street... More
Apple (AAPL) Tops Estimates Despite Services Slowdown, Analysts Remain Bullish
October 28, 2022 6:14 AM EDTApple (NASDAQ: AAPL) reported better-than-expected results for its fiscal fourth quarter. The Cupertino-based behemoth reported an EPS of $1.29 to beat the consensus of $1.26. Revenue increased 8.1% to $90.15 billion, again topping the consensus of $88.76 billion.
The iPhone revenue, by far the biggest revenue stream for Apple, increased almost 10% to $42.63 billion, in line with estimates. CEO Tim Cook said iPhone sales would have increased double-digits if it was not for FX headwinds.
Mac sales increased by 5% to fuel a strong beat and offset the iPad's weakness. On a more negative note, Services grew just 5% to $19.19 billion, missing the... More
