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Fly News Breaks for March 20, 2017
Mar 20, 2017 | 08:02 EDT
RBC Capital analyst Amit Daryanani believes that the unit sales and growth of iPhone 8, due out in September, "could match or even surpass" the performance of the iPhone 6. The analyst expects the iPhone 8 to feature wireless charging and an improved processor., as well as "a complete redesign." He believes that the redesign can cause Apple's share gains to accelerate, enabling the growth of its services business to increase. Daryanani keeps a $155 price target and an Outperform rating on the shares.
News For AAPL From the Last 2 Days
May 22, 2017 | 10:06 EDT
The shares of Apple (AAPL) are rising after research firm RBC Capital predicted that the tech giant's market cap could exceed $1T over the next 12-18 months The stock's current market cap is about $800B. POSITIVE REVENUE CATALYSTS: The company's revenue will increase about 5%-9% through fiscal 2019, driven primarily by higher prices spurred by the launch of the premium iPhone 8 device, wrote RBC Capital analyst Amit Daryanani. Additionally, the company's revenue from services will increase in the high teen percentage levels, predicted the analyst. OTHER CATALYSTS: Apple's gross margins will expand slightly as its services revenue increases, while its operating margins can rise about one percentage point, driven by cost cutting, wrote Daryanani. Meanwhile, continued share buybacks will help enable its EPS to increase by low teen percentage levels. Apple's earnings could exceed $12 or more per share in fiscal 2019, the analyst predicted. VALUATION: Once Apple's EPS exceeds $12, the stock should reach $192-$195, raising its market cap above $1T, according to Daryanani. The analyst raised his 12 month price target on the stock to $168 from $157. PRICE ACTION: In morning trading, Apple rose to $154.58 per share. This is just below it recently set 52-week high of $156.65.
May 22, 2017 | 08:46 EDT
Cowen analyst Timothy Arcuri revisited the likelihood of Western Digital (WDC) acquiring the remaining roughly 50% share of Toshiba (TSOBF) Flash Ventures. He believes the deal would be accretive by 10-15% in 2018 and said they remain the most strategic of buyers for the division. Arcuri views Hynix and Micron (MU) as much less likely bidders due to antitrust review, while any deal with Broadcom (AVGO) would have to most likely be backed by fixed economics with Apple (AAPL) or related to Toshiba's discrete/system LSI assets in a Brocade-like (BRCD) deal. Arcuri reiterated his Outperform rating and $115 price target on Western Digital shares.
May 22, 2017 | 07:42 EDT
Samsung Electronics (SSNLF) will continue to seek out potential acquisitions as it looks to develop software and services in order to diversify its product offerings, Reuters reports, citing comments Peter Koo, a senior VP for Samsung's mobile division, made at an investor event. The company, which has acquired Viv Labs, LoopPay and Harman International in an effort to compete with Apple (AAPL) and Huawei Technologies, is also seeking out partnerships and "spending money to break into new businesses." Reference Link
May 22, 2017 | 07:36 EDT
Universal Secure Registry, a small Boston technology company, sued Apple (AAPL) and Visa (V) in Federal District Court in Delaware, alleging that the iPhone giant's Apple Pay system infringes patents held by its CEO, Kenneth Weiss, reported The New York Times. Reference Link
May 22, 2017 | 06:28 EDT
JPMorgan analyst Rod Hall upgraded Qualcomm (QCOM) to Overweight and raised his price target for the shares to $68 from $50. The chipmaker closed Friday up $1.55 to $57.67. While more negative news from the Apple (AAPL) royalty suit is likely, "material fundamental upside" exists from the closure of the NXP Semiconductors (NXPI) by the end of this year, Hall tells investors in a research note. The analyst views the deal as highly accretive. Hall also believes Apple ultimately will want to preserve its commercial relationship with Qualcomm.
May 21, 2017 | 20:28 EDT
Catch up on the weekend's top five stories with this list compiled by The Fly: 1. President Donald Trump's visit to Saudi Arabia this weekend was punctuated by a number of business agreements between the kingdom and U.S. companies, with firms including Jacobs Engineering (JEC), Raytheon (RTN), Dow Chemical (DOW), Exxon Mobil (XOM), McDermott (MDR), Blackstone (BX), Lockheed Martin (LMT) and Boeing (BA) announcing order commitments, preliminary deals, and joint ventures. 2. Chemicals company Huntsman (HUN) is nearing an all-stock merger agreement with its Swiss rival Clariant, according to the Wall Street Journal. 3. SoftBank (SFTBF) announced the first close of its massive technology-focused investment fund, securing $93B of committed capital as the Japanese conglomerate targets artificial intelligence, robotics, and other areas. Investors include Apple (AAPL), Qualcomm (QCOM) and Foxconn (HNHPF) as well as the sovereign wealth funds of Saudi Arabia and the United Arab Emirates. 4. Amgen (AMGN) and UCB (UCBJY) announced that the Phase 3 trial of Evenity in osteoporosis patients met its key goals, but warned of "imbalance" in cardiovascular events and said any regulatory approval would likely slip out of 2017. 5. Berkshire Hathaway (BRK.A), Impinj (PI), Everspin (MRAM), First Data (FDC) and retail names Best Buy (BBY), Nordstrom (JWN), Home Depot (HD), Costco (COST), Wal-Mart (WMT), Lowe's (LOW), Sotheby's (BID), GGP (GGP) and Party City (PRTY) were discussed positively by Barron's.
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