Amit Daryanani, an analyst from Evercore ISI, maintained the Buy rating on Apple. The associated price target remains the same with $290.00.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Amit Daryanani has given his Buy rating due to a combination of factors that suggest Apple is well-positioned for growth. The anticipation of an iPhone refresh cycle that exceeds typical expectations is a significant driver, with data indicating longer lead times for the new iPhone 17 compared to previous years. Additionally, survey results show a strong demand environment, with a notable number of consumers planning to purchase new iPhones, which could lead to revenue growth surpassing the current consensus.
Moreover, Daryanani highlights the potential for continued double-digit growth in Apple’s Services segment, as several challenges have been resolved. The recent launch of online orders in China for the iPhone Air could also serve as a positive factor, given the stronger initial demand observed there. Overall, the combination of robust iPhone demand and a clearer outlook for Services growth creates an appealing scenario for investors, supporting the Buy rating with a target price of $290.
In another report released on October 15, Bank of America Securities also reiterated a Buy rating on the stock with a $270.00 price target.