Apple Stock (NASDAQ:AAPL)
Wedbush Securities predicts that Apple (NASDAQ:AAPL) will report “in-line” sales from its iPhone line when it reports quarterly results on May 4. This might be due to increased demand in China. As a result, Apple stock declined.
Dan Ives, an analyst with an outperform recommendation on Apple stock, said that despite concerns about the global economy, recent supply chain checks out of Asia indicated excellent outcomes for the iPhone. The company’s “stable” Services revenue should also help it at least match Wall Street’s projections.
According to Ives’ investor statement, “We expect iPhone units based on a clear increase in demand across the important China area this quarter should show some upside although the uncertain macro as higher ASPs and general upgrade activity on iPhone Pro 14 carries the day for [Tim Cook and colleagues].
Analysts predict Apple will post $92.84B in sales and $1.43 in earnings per share.
Ives said that Apple has increased its market share in China by around 3 percent in the last year. According to Ives, the next iPhone lineup will be “highly anticipated,” making the transition from the iPhone 14 line to the next iPhone lineup a “steadier transition” than in the past. This is true even as the average selling price of an iPhone remains near $900 thanks to the success of the company’s premium Pro and Pro Max models.
The analyst also predicted that in fiscal 2024, Apple will have easier year-over-year comparisons due to the diminishing impact of foreign currency headwinds.
Bluesea Research, however, a contributor to Seeking Alpha, predicts negative growth for Apple’s services segment, which would likely damage the stock in the near future.
Wamsi Mohan, an analyst at Bank of America, has predicted that Apple would announce a new $80 billion repurchase and a five percent dividend hike when it releases quarterly results.
Featured Image: Pexels @ Rubaitul Azad
Author Shariq Khan 
