From a note to clients by analyst Kyle McNealy that landed on my desktop Thursday:
As we head into Apple’s 5G cycle, we’ve reviewed the setup in key regions (Americas, Europe, China). We think the current environment is very positive for Apple with a lot of room for growth and several catalysts. Regional growth drivers include: 1) trend reversal for handset upgrade rates and carrier device subsidies in the US; 2) share gains for Apple versus Huawei in Europe due to US trade restrictions; and 3) China survey data that indicates future share gain for Apple and that there’s a massive legacy device installed base looking to upgrade.
Maintains Buy rating, raises price target to $135 from split-adjusted $116.25.
My take: Room for growth is good.