Citigroup analyst Jim Suva told investors this morning that his firm's global due diligence indicates the consensus on Wall Street is underestimating the continued demand for iPhone 6 and iPhone 6 Plus as well as the demand for the higher memory density phones. Suva points out that many locations are still selling out daily of the more popular 128GB iPhone, even though the launch occurred six months ago. He believes Apple's quarterly results on April 27 will beat the consensus sales expectation by at least $1B and that earnings will top estimates by at least 2% even after adjusting for negative foreign currency moves. Suva also expects Apple to announce an increase in its share buyback program to $120B from the $90B currently as well as a 10%-plus dividend raise. He added Apple shares to Citi's US Focus List, which reflects the firm's highest conviction stock ideas, and keeps a Buy rating on the name with a $145 price target. The stock closed yesterday down $1.94 to $124.43.

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Erste Group downgraded Apple to Hold from Buy.

Apple (AAPL) supplier TSMC (TSM) has unveiled its A16 chip manufacturing technology featuring nanosheet transistors with "backside power rails" meant for producing its ultra-advanced 1.6nm chips by 2026, Nikkei Asia's Cheng Ting-Fang reports. TSMC says the introduction of the technology can "greatly improve logic density and performance." Reference Link

Alphabet (GOOGL), the parent company of Google, is scheduled to report first quarter 2024 results after the market close on Thursday, April 25, with a conference call scheduled for 4:30 pm Eastern Time. What to watch... To see the rest of the story go to thefly.com. See Story Here

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.  1... To see the rest of the story go to thefly.com. See Story Here

Apple saw sales of its iPhones fall 19.1% in the first three months of the year, CNBC's Ryan Browne reports, citing data from Counterpoint Research. Meanwhile, Huawei saw a 69.7% surge in smartphone sales in the country during the same period, Counterpoint said. Reference Link