From a note to clients by analyst Abhey Lamba that landed in my inbox Thursday morning:
Apple reports results on Thursday, February 1 after market close. Heading into the print, iPhone ASP expectations seem very low; based on our conversations, we see potential unit/ASP upside driving results above consensus for F1Q. This could carry through to F2Q18, with expected guidance printing in-line with to modestly above consensus as well. We acknowledge fundamental trends as well as a potential repatriation-related premium; however, we think these dynamics are largely reflected in current valuation.
We expect total revenue of $89-91bn vs. guidance of $84-87bn and consensus of $86bn on potential iPhone ASP upside. Gross margins are likely to print toward the middle of guidance of 38.0-38.5%. Given revenue upside, we believe EPS could print around $3.95-4.05 vs. consensus of $3.80.
Maintain Neutral rating while raising price target to $175 from $160.
My take: A little late. Didn't the stock recently break $180?