Apple (AAPL) Given New $171.00 Price Target at BMO Capital Markets


That was a surprise to many watching the company ahead of earnings, who expected to see iPhone sales crater amid reports that Apple suppliers such as Samsung had drastically cut their projections for the upcoming quarter. While it stood at $617 in April-June quarter previous year, it rose to $658 in July-September quarter, going up further to $756 in October-December, 2017 to an all time high of $763 in the January-March quarter, 2018.

Heading into the quarter, some analysts had expressed worry about lackluster demand for Apple's latest version of the iPhone, the iPhone X.

"Services growth of 31% was impressive - Apple should reach its goal of doubling services over four years organically".

As I've have said before, this relative slowdown in iPhone sales is largely a function of Apple's inability to come up with meaningful and valuable innovations that wow consumers.

It also coincided with a bout of volatility on Wall Street in recent months, which has many investors anxious that a nine-year bull market may be ending.

It also doled out another $3.2 billion in dividends and will boost them by 16 percent going forward. Revenue rose 16 per cent to US$61.1 billion. As a result, analysts had expected Apple to repatriate most of its $252bn in cash overseas.

Apple had sold almost 52.2 million iPhones in the fiscal second quarter, up a slim 2.9 percent compared to previous year and slightly below the 52.3 million that analysts had been looking for on average.

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Jackson then tried to sell the recording to numerous celebrity news and gossip websites, prosecutors say. The 38-year-old standup comic-turned-movie actor most recently starred in 'Jumanji '.

However, the iPad business was relatively flat with unit sales of 9.1 million, slightly up from 8.9 million a year ago.

According to Cook, infrastructure in India has come "quite a ways" since Apple began to put a lot of energy in the Indian market. Of 43 analysts covering, 29 have a "buy" or higher rating and 14 on "hold".

With a mountain of overseas cash suddenly freed up by the tax overhaul, Apple bought back $23.5bn of its own stock in the March quarter, a record amount for any USA company, according to S&P Dow Jones Indices, and it added $100bn to its target for future repurchases.

One major takeaway from Apple earnings was that the company showed the strongest growth in some of the most challenging parts of the world.

Sales growth of more than 20% in Japan and the greater China market - a critical area for the company - helped to lift the numbers. That brings the overall segment to the size of a Fortune 300 company, Cook said, which is crucial for Apple as it looks to build out its ecosystem and further tie together its devices and services.

Other companies announcing plans to return cash to shareholders include Facebook Inc, which announced a $9 billion buyback program when it reported earnings last week, and AbbVie Inc, which plans a tender offer starting as early as May 1 to buy up to $7.5 billion of its stock. The iPhones generated close to $38 billion in revenues.

The chief executive of Apple Tim Cook said that iPhone X is Apple's best selling product. Average selling prices for iPhone were $728, which is lower compared to the Wall Street expectations of $742. It's a strong proof that Apple was right all along about its $1,000 phone. Just make sure when you set them as your wallpapers on your iPhone X, you select "Still" instead of "Perspective". But Apple firmly believed that it could still sell a ridiculously expensive phone by offering an entirely new design and innovative features such as Face ID and Animoji.