Analyst Kyle McNealy expects a “strong positive bias” for December guidance.
From a note to clients snagged by TheFly:
Jefferies analyst Kyle McNealy raised his price target for Apple to $285 from $260 while keeping a Buy rating on the shares. The stock closed Friday at $246.58. McNealy’s analysis of foot traffic to retail stores in the U.S. and web traffic to online stores globally shows that the iPhone 11 launch is exceeding “conservative” Street expectations. Consensus expects a year-over-year decline in fiscal Q4 iPhone units, says McNealy, whose analysis shows “solid growth. The analyst maintains his estimates but expects a “strong positive bias” for Apple’s September results and December guidance. His checks show that stores had a 37% increase in aggregate traffic on iPhone 11 launch day versus a 32% increase for the iPhone XS launch last year. Customer interest on launch day is a strong early indicator for how demand will track for the remainder of the annual product cycle, McNealy tells investors in a research note.
Maintains Buy rating, raises price target to $285 from $260.
My take: Only Morgan Stanley’s $289 is higher. I’ve asked for the note.