Like a submarine, analyst Tim Long launches from underwater.
The Fly had Wednesday’s note:
The analyst believes the company’s iPhone market share has peaked several years ago and its recent model launches have been “relatively unsuccessful”. He does not expect an upgrade cycle to come with the launch of September models and contends that 5G may not make a “meaningful difference” in 2020, warning that average selling prices will start to decline in 2020. Long adds that Services segment growth will also slow as pricing for some of the new offerings comes under pressure.
Initiates with Equal Weight rating and $192 price target.
My take: Long comes to Barclays from BMO, where his last posted Apple price target was $153.