Apple removed from ‘Tactical Outperform’ list at Evercore ISI

Evercore ISI analyst Amit Daryanani removed Apple from the firm’s "Tactical Outperform" list following the company’s earnings report, which had been the potential catalyst that had prompted the firm to place the stock on the list. December quarter sales and earnings missed consensus forecasts, but Evercore sees iPhone demand as poised to accelerate as production ramps up and the company recovers some deferred sales. The firm, which argues that the report and company guidance continue to validate the diversity of Apple’s revenue stream as well as the "consumer staple" nature of iPhones, keeps an Outperform rating and $190 price target on the shares.