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AAPL

Apple

$157.94

0.09 (0.06%)

09:21
01/03/19
01/03
09:21
01/03/19
09:21

Apple price target lowered to $260 from $280 at DA Davidson

DA Davidson analyst Tom Forte lowered his price target on Apple to $260 after its "rare" pre-announcement that highlighted the company's "tightrope" in traversing its China exposure with 20% of sales from the country amid the "prolonged and escalating" trade war. The analyst notes that while the iPhone sales for December quarter look to be disappointing, he was encouraged by the performance of other products and services in the quarter, keeping his Buy rating on the shares. Forte also believes that Apple may boost its stock buyback since it typically updates its capital program in April/May, given its $130B net cash balance and repeated intention to become net-cash neutral in the future.

AAPL Apple
$157.94

0.09 (0.06%)

01/03/19
KEYB
01/03/19
NO CHANGE
KEYB
Sector Weight
Apple guidance revision suggests more issues than just China, says KeyBanc
KeyBanc analyst Andy Hargreaves notes Apple preannounced much weaker Q1 results than he anticipated. While the company mostly blamed China and macroeconomic factors, the analyst believes pricing power problems in iPhone and peaking App Store monetization contributed significantly to the weakness in the quarter. While Apple's valuation is certainly more attractive at about 7 times EV/EBITDA, Hargreaves believes the company still faces significant risks around iPhone pricing and App Store monetization. He reiterates a Sector Weight rating on the shares.
01/03/19
NEED
01/03/19
NO CHANGE
Target $180
NEED
Buy
Apple price target lowered to $180 from $200 at Needham
Needham analyst Laura Martin lowered her price target on Apple to $180 after its Q1 pre-announcement on softer iPhone revenues. However, the analyst also keeps her Buy rating on the shares and believes that the company represents "one of the cheapest ways to participate in the global shift toward mobile device". Martin is also positive on yesterday's disclosure that Apple's Services revenue hit record highs in every geographic segment, wearable revenues rose nearly 50%, device ecosystem has grown by 100M units, and that the company hit "all-time record revenue in several first world countries."
01/03/19
BERN
01/03/19
NO CHANGE
BERN
Apple iPhone fall-off worse than most expected, says Bernstein
Bernstein analyst A.M. Sacconaghi says that while no one is likely to be surprised by Apple's December quarter miss, the magnitude of the fall-off in iPhones is likely worse than most expected. The analyst notes that Apple squarely attributed its shortfall to China but iPhone revenues outside of China still appeared to fall $3B-plus short of Apple's expectations. While a meaningful portion of the China weakness is macro driven, Apple appears to have lost material share in China in Q4 despite its new product launch, Sacconaghi contends.
01/03/19
NEED
01/03/19
NO CHANGE
Target $65
NEED
Strong Buy
Lumentum price target lowered to $65 from $75 at Needham
Needham analyst N. Quinn Bolton lowered his price target on Lumentum (LITE) to $65 after the negative Q1 revenue pre-announcement from Apple (AAPL). The analyst says the reduction is intended to "de-risk" his forecasts on the company's 3D exposure to Apple, as he also lowers his 2019 3D sales forecast to $405M from $465M. Bolton is keeping his Strong Buy rating on the shares however, stating that excluding 3D, the company's "business looks strong with robust optical demand for ROADMs and Pumps and solid dynamics in Industrial lasers".

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Karuna Therapeutics

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