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Evercore ISI analyst Amit Daryanani raised his price target for Apple shares to $ 145 from $ 135.
Mladen Antonov / AFP via Getty Images
Wall Street is becoming more and more optimistic
AppleS
the next income statement.
Earlier this week, we took note of several notes from analysts tracking Apple’s December-December (AAPL) financial results for the December quarter and raised their estimates and price targets. Late Wednesday, Evercore ISI analyst Amit Daryanani intervened, repeating his Outperform rating as he raised his share price target to $ 145 from $ 135.
As with the calls at the beginning of the week from Canaccord and
Swiss credit,
Daryanani raised its expectations for the quarter, which is likely to be reported in the last week of January. And, like his colleagues, he cited a strong early demand for the latest generation versions of the iPhone 12.
Rising estimates, Daryanani indicates a better-than-expected combination of unit demand and higher-than-expected average sales prices as consumer demand moves to the latest-generation Pro and Pro Max versions of the new phone line. He also notes a “better increase in services”, given the better 30% increase in downloads from the App Store.
“It is important to see that demand remains robust [the December quarter] but also expect support to sustain [the March quarter]”It gave extension time for iPhone 12 Pro and, to a lesser extent, Pro Max,” he writes.
“The iPhone Pro has been delivered for two and a half months now, and our analysis suggests that delivery time remains high in every country we track, except the United States,” Daryanani writes. He says Apple offers same-day delivery on the iPhone Pro in the US, with special courier delivery, which costs an additional $ 10, but standard delivery still requires a 21-day wait, a modest improvement over the 33-day wait since the beginning of December.
He notes that in China, delivery times for 12 Pro have dropped from 23 to 16 days – but still the longest delivery time 10 weeks after launch for any iPhone in history. He notes that the basic iPhone 12 and 12 Mini have shorter delivery times in all regions, “which could indicate a strong mix of iPhone 12 Pro at a higher price.”
The high Evercore analyst is looking for revenue of $ 104 billion and a share of $ 1.43 in profits for the quarter, above the street consensus at $ 102 billion and $ 1.40 per share. He sees 80 million iPhone units for that quarter, with an average selling price of $ 775.
Apple shares rose 1.2% to $ 128.17 in recent transactions.
S&P 500
increased by 0.9%.
Write to Eric J. Savitz at [email protected]