BofA Remains Bullish On Apple; Sees Sharp Upside
BofA analyst Wamsi Mohan noted that he expects a "strong" quarter for Apple Inc (NASDAQ: AAPL) on an improved supply of higher-end phones, including the iPhone 13 series. Apple is scheduled to report its Q1 results on January 27, 2022.
He raised his iPhone units estimate for Q1 to 81 million from 79 million, above the Street consensus of 80 million units.
His revenue and EPS forecast for Q1 are $121 billion and $1.90, respectively.
While Mohan does not expect Apple to provide revenue guidance for fiscal Q2 formally, he said iPhone units will face a tough year-over-year comparison given the staggered launch of iPhone 12 in 2020 and that it is a "seasonally weaker quarter."
However, potential weakness in Q2 is "well understood," and investors will turn their attention to the next several catalysts, including updated capital return news in April, WWDC in June, and the next iPhone launch event in September, argues Mohan.
He reiterated a Buy rating on Apple with a $210 price target, suggesting an upside of 29.9% to January 24, 2022, closing price.
Price Action: AAPL shares traded higher by 1.96% at $162.90 in the premarket session on the last check Wednesday.
Latest Ratings for AAPL
Jan 2022 | Wells Fargo | Maintains | Overweight | |
Jan 2022 | Loop Capital | Maintains | Buy | |
Dec 2021 | Citigroup | Maintains | Buy |
View More Analyst Ratings for AAPL
View the Latest Analyst Ratings
See more from Benzinga
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
