Apple analysts scramble

After Apple beat their estimates Tuesday, more than a dozen sell-side analysts hiked their 12-month price targets.


Not seeing the nifty interactive graphic? Try the website.

Most yardage covered: Colin Gillis of BGC Partners, who took his target all the way from $85 a share to $125—still behind the scrimmage line, but only a few bucks short of Thursday’s close ($128.53). (For more of Gillis’ backfield maneuvering, see my July 28, 2016 update.)

Below: My complete list of published targets, as accurate and up-to-date as I can make it. Corrections appreciated.


Click to enlarge. Not seeing the spreadsheet? Try the website. 

See also: What the analysts are saying now.

7 Comments

  1. Ken Cheng said:

    There’s always one. Must have one. We’ve had Adnaan of Berenberg, and before that that Toronto analyst, whose name I forget.

    0
    February 3, 2017
  2. Michael Gabrys said:

    Philip – I thought Gene Munster said he and the team were going to keep publishing opinions on companies that he has previously covered. Is he only going to do post-earnings coverage or is he going to publish some estimates in the future?

    0
    February 3, 2017
    • I solicited estimates from Munster, but didn’t a full set. So far he and his team are sticking pretty closely to the themes where they have skin in the game: virtual reality, augmented reality, artificial intelligence, and robotics. They’re looking at Apple strictly through that lens.

      0
      February 3, 2017
  3. Scott Davis said:

    Colin Gillis has been notably absent from CNBC of late. I doubt that is by coincidence.
    He’s probably out getting his hair dyed again.

    0
    February 3, 2017
  4. Robert Paul Leitao said:

    While the price target revisions provide some headroom for the share price, I suspect they are prompted by two factors. These factors are better than expected December quarter iPhone unit sales (defying predictions of tepid demand for the 3rd year of an iPhone form) and calendar migration closer to the beginning of an anticipated “iPhone super cycle” next model year.

    I’m not seeing much narrative on the company’s widening economic moat, continued growth in the company’s global customer base or the long-term beneficial impact of rising Services revenue sparked in part by the global growth in eco-system participants.

    Additionally, forex headwind will reverse over time providing gross margin support and a slight expansion to gross margin as the value of the dollar gradually declines. The much-anticipated “super cycle” next fiscal year is a factor in the recent price target revisions. But there’s little talk of growth factors to support higher valuations in FY2019 and beyond.

    Apple’s revenue growth rates will always be uneven. This isn’t a “problem.” It’s the reality. Apple’s five geographic revenue regions don’t grow at similar rates and the development of long-term customer relationships take time, especially on a global scale. The strength of Apple’s customer relationships and the company’s widening economic moat will reveal itself not only during next year’s “super cycle” but more importantly in fiscal periods in which the rate of iPhone unit sales growth slows.

    While it’s encouraging to see some price targets in the $150 range, I expect incremental and recurring price target revisions from the analysts with targets currently underwater and those that have yet to look beyond iPhone unit sales as the primary driver of the company’s future growth.

    1
    February 4, 2017

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