Amit Daryanani, RBC: Impressive Beat. “AAPL Mar-qtr results came in materially ahead of consensus and buyside expectations driven by robust iPhone demand (61M units) and gross-margin upside (40.8% vs. expectation of 39.5%). Overall revenues/EPS came in at $58B/2.233 vs. street at $56.1B and $2.16. AAPL announced a $200B capital allocation program that it intends to use by March-2017 (three year program). Apple increased their dividend by 11% to ~$2.10/annually.”Outperform. $142.
Daniel Ives, FBR: How about Them Apples? “We believe this 60 million+ iPhone number is a ‘home run’ and will be cheered by the Street as this remains the ‘bread and butter’ of Apple. To this point, we believe screen size and updated features (e.g., Apple Pay) are driving robust demand for the most recent iPhone, a tailwind that should lengthen the runway of this product cycle.” Buy. $160.
Brian White, Cantor Fitzgerald: Another Big Quarter and Plenty to…
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