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AAPL

Apple

$194.77

0.62 (0.32%)

07:13
06/14/19
06/14
07:13
06/14/19
07:13

Apple June quarter China iPhone demand 'in line with expectations,' says Wedbush

Wedbush analyst Daniel Ives tells investors in a research note that all eyes will be on any signs of demand weakness out of China in light of the ongoing U.S.-China trade battle as Apple CEO Tim Cook heads into the next month. Ives says he believes the June quarter China iPhone demand has so far been tracking "in line with expectations," or a "modest" rebound from the softness seen in the December and March quarters, but notes a "nervous" environment across the supply chain. Ives, who maintains an Outperform rating and $235 price target on Apple shares, notes that China represents roughly 20% of all iPhone upgrades over the next 12-18 months.

AAPL Apple
$194.77

0.62 (0.32%)

06/06/19
06/06/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Apple (AAPL) initiated with an Outperform at Evercore ISI. 2. Chegg (CHGG) initiated with a Buy at Needham. 3. Cidara Therapeutics (CDTX) initiated with an Outperform at Oppenheimer. 4. Corteva (CTVA) initiated with a Market Perform at Bernstein. 5. Electronic Arts (EA) initiated with a Buy at Nomura Instinet while Activision Blizzard (ATVI) was initiated with a Neutral. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
06/11/19
EVER
06/11/19
NO CHANGE
Target $205
EVER
Outperform
Antitrust litigation presents risk to Apple App Store model, says Evercore ISI
Evercore ISI analyst Amit Daryanani noted that services will be the primary driver of future growth for Apple (AAPL), but said the shift towards services is not without risk. Pending antitrust litigation from suits brought by Pepper and Spotify could challenge Apple's App Store model while other large publishers could follow the lead of Netflix (NFLX) and circumvent subscription purchasing through an iOS device, said Daryanani . However, he thinks the financial impact, if any, from the Pepper case could take several years to materialize. While he expects litigation to remain a key debate topic on Apple, Daryanani keeps an Outperform rating on the shares with a price target of $205.
06/11/19
MSCO
06/11/19
NO CHANGE
MSCO
Broadcom supply pact with Apple a 'headline positive,' says Morgan Stanley
After Broadcom (AVGO) disclosed a new two-year supply agreement with Apple (AAPL) for RF components, Morgan Stanley analyst Craig Hettenbach called the news "a headline positive" and reminder of the company's leading edge technology in RF. However, he does not anticipate a material impact on Broadcom estimates in the near-term, Hettenbach noted. His checks have indicated that Broadcom appears to be positioned to regain some share in RF at Apple from Qorvo (QRVO), added the analyst, who keeps an Equal Weight rating on Broadcom shares.
06/11/19
RAJA
06/11/19
NO CHANGE
RAJA
Broadcom, Apple deal closes door on Qualcomm/Qorvo, says Raymond James
Raymond James analyst Chris Caso notes that Broadcom (AVGO) disclosed that it had signed a 2-year contract with Apple (AAPL) for the sale of RF components, similar to a 3-year contract between Broadcom and Apple signed in 2016 but now with the latter sourcing "all of its requirements for such RF front end components and modules" from Broadcom. The analyst believes this closes the door on Qualcomm (QCOM) getting RF content in the 2020 iPhone, while maintaining the status quo for Skyworks (SWKS), which supplied the low band PAD and diversity receive through the term of the last Broadcom/Apple contract. Additionally, Caso thinks the Broadcom agreement also closes the door on the mid/high band opportunity at Apple for Qorvo (QRVO) through 2020.

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