Bernstein expects Apple Q4 largely in line, relatively muted iPhone 15 cycle

Bernstein analyst Toni Sacconaghi notes that historically, Apple’s FQ4 earnings are less important than Apple’s commentary and guidance for the next fiscal year, as investor focus turns to the strength of the iPhone cycle. The firm expects Apple’s FY Q4 to be largely in line on revenues and EPS, with Bernstein modeling $89.2B vs consensus of $89.5B, and EPS of $1.38 vs $1.40. Strength of the iPhone 15 cycle is the key question heading into the December quarter and FY 24. The firm sees a relatively muted iPhone 15 cycle. Bernstein has a Market Perform rating on the shares with a price target of $195.