Evercore ISI notes that Apple sentiment has turned more bearish in recent weeks and thinks buyside expectations are likely lower than current consensus estimates. Against this backdrop, the firm expects Apple to deliver in-line results against current estimates, which it thinks should enable the stock to work higher. The firm, which thinks Apple is “well positioned to outperform against low expectations” in the September-end quarter and “more importantly” on the December-end quarter guidance, maintains an Outperform rating and $250 price target on Apple shares, which have been added to Evercore’s “Tactical Outperform” list.
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