From Financial Modeling Prep: 2024-10-14 15:48:00

Evercore ISI analysts reiterated their Outperform rating on Apple (AAPL) with a $250 price target, confident in the stock’s potential despite recent market pessimism. They believe Apple is well-positioned to meet targets, with buyside expectations below consensus estimates, likely leading to a stock price increase.

While concerns linger about Apple’s position in the Chinese smartphone market, analysts view this as exaggerated. They point to growth in emerging markets and a strong U.S. upgrade cycle, driven in part by AI advancements. Competition from Huawei is limited by supply chain issues, with potential government stimulus in China expected to boost smartphone demand.

Analysts anticipate a positive impact from a phased AI rollout, extending the iPhone’s upgrade cycle and attracting new users with region-specific features. They are optimistic about Wearables and Services, especially with new products like the Watch Ultra, AirPods 4, and USB-C AirPods Max driving growth in wearables. Despite potential margin gains from iPhone sales, lower Services revenue could offset some of the benefits.

Overall, analysts predict Apple will surpass market expectations for the September quarter and provide a strong outlook for the December quarter. They are bullish on the company’s performance, citing potential growth in wearables and services as key drivers for future success.



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