….chiudo la parentesi Apple (ricordando il countdown in essere sul titolo)….
postando le analisi di GS & JPM
Chi avrò ragione?
GS on AAPL (bear)
1. We are increasing our FY20 revenue estimate by 0.6% to $268bn, but our EBIT declines by 2% due to higher opex as we reflect higher-than-expected FQ4 OpEx guidance in our estimates going forward
2. Our 12-month price target moves up to $191 (from $187) as we roll forward our NTM multiple to include September ’19 through June ’20 quarters.
3. We continue to see risk to consensus expectations for FQ1’20 to December and suspect that the short term risk on Services is to the downside but supporting data on this is unlikely to materialize until we start getting more clarity on iPhone sales in October/November.
4. we believe Apple is exposed to trade newsflow volatility and that the stock is fully valued
5. Reiterate Neutral.
JPM on AAPL (bull)
1. we see further upside to investor expectations moving into 2020, led by a strong product cycle
2. the ramp of a slew of new Services launching later this year is the key reasons to own the stock over the next 12 months in our view.
3. We are raising our EPS forecasts to $13.25 (vs. $13.00 prior) for FY20E and $15.45 (vs. $15.30 prior) for FY21E, both materially above consensus expectations
4. We are raising our Dec-19 price target to $243 vs. $239 prior, as we continue to see opportunities for further upside to investor expectations