From a note to clients by analyst Rod Hall that landed on my desktop Wednesday:
We believe Apple can deliver better than FactSet consensus revenue in the March quarter and guide inline for the June quarter based on a new country level model we are rolling out with this report. Our smartphone market checks indicate no further deterioration of demand in China though European consumer sentiment implies the possibility for worse demand there. As we look forward to the end of this year we see increasing potential for Apple to miss consensus expectations at the unit and potentially the ASP level. We are forecasting 61m iPhone shipments in Dec ‘19, up 3m from our previous estimate but still 6m below FactSet consensus. We also flag potential risk to FQ3 margins from the recent QUALCOMM settlement which took effect on April 1. We increase our 12-month price target … to reflect less short term downside as well as a change in our valuation methodology.
Maintains Neutral rating and raises price target to $182 from (Street-low) $140.
My take: About time.