Credit Suisse remains bullish on Apple, sees potential upside to estimates

Ahead of Apple’s quarterly results, Credit Suisse maintains its quarter estimates including revenue of $121.6B and EPS of $1.92, which the firm lowered on December 9 primarily for iPhone shortages. Further, Credit Suisse sees potential upside to its estimates which are below the Street given weakening of the USD throughout the quarter which benefits revenue from a translation perspective and could benefit margins given Apple raised pricing in many countries as an offset to the strong dollar; and Q1 2022 is a relatively easy comp as quarterly results were constrained by over $6B of backlog including iPhone, Mac and iPad. The firm has an Outperform rating on the shares with a price target of $184.