Apple Stock (NASDAQ:AAPL)
KeyBanc increased its forecasts for Apple (NASDAQ:AAPL) iPhone line on Tuesday, citing strong sales of the iPhone 14 Pro and iPhone 14 Pro Max, but Apple stock still declined.
Data from the investment business revealed an 11% rise in expenditure from August to September, compared to the flat three-year average, leading analyst Brandon Nispel to improve his revenue and adjusted EBITDA projections to $90.4B and $30.4B, respectively. The sequential rise from quarter to quarter of 28% was also above the 3-year average of 24%.
In a note to clients, Nispel speculated that the replacement of the iPhone 13 Mini ($699) with the iPhone 14 Plus ($899) and a change in the device mix toward higher-priced smartphones (Pro/Pro Max) contributed to the strong sales in the holiday quarter.
Nispel recommends buying Apple stock with a price objective of $185 per share.
In early market action, Apple stock fell 0.5% to $139.54.
Nispel also noted that although Apple’s (NASDAQ:AAPL) hardware sales in the fourth quarter have grown by an average of 10% over the last three years, the consensus forecast of merely 8% growth implies that Wall Street is anticipating lesser growth than the historical norm.
Reuters also reported on Tuesday that the Indian government will pressure tech giants like Apple (NASDAQ:AAPL), Samsung (OTCPK:SSNLF), and others to expedite the 5G software support launch in the nation.
On October 1, India’s Prime Minister Narendra Modi announced the introduction of 5G services nationwide. Some of the country’s telecoms, like Reliance and Bharti Airtel, have already made the service accessible in various locations, with more growth planned for 2019.
However, the news outlet said, citing three industry sources and Airtel’s website, that none of the iPhone models offered by Apple (NASDAQ:AAPL) or Samsung (OTCPK:SSNLF) support 5G services in India.
According to research firm IDC, the world’s most significant technology business, Apple, was the only PC manufacturer to show a year-over-year increase in the third quarter.
Featured Image- Megapixl @ Wachiwit
Author Shariq Khan 
