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Fly News Breaks for January 24, 2020
AAPL
Jan 24, 2020 | 06:26 EDT
Bernstein analyst Toni Sacconaghi previewed Apple's upcoming Q1 earnings report, telling investors in a research note that although he is only modestly above consensus revenues for fiscal Q1 revenues, he believes consensus revenue forecasts for the remainder of the year remain too low, principally for AirPods, where he estimates that he is above the Street, providing a 150-300 bps cushion to total revenues per quarter. Sacconaghi expects Apple to guide for fiscal Q2 revenue of $63B-$65B, above the $62B consensus, and thinks Apple can achieve $16+ in EPS in FY21 vs. the consensus, citing the strength of the 5G iPhone cycle. The analyst, who expects AirPods to grow 150%+ this quarter to $3.5B+, adds that he sees risk-reward/potential upside as being fairly balanced given the high valuation and keeps a Market Perform rating and $300 price target on the shares.
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