AAPL) stock ownership rather than a prone 4-for-1 stock split, thinks Bank of America technology analyst Merrill Lynch Wamsi Mohan. “data-reagid =” 16 “> There are more interesting things about Apple stock ownership (AAPL) than a 4-for-1 stock split approach, thinks Bank of America technology analyst Merrill Lynch Wamsi Mohan.
Third fiscal quarter earnings release“data-reagid =” 17 “> To be precise, 10 exciting things in the eyes of Mohan who secured a regular list on Friday after releasing Apple ‘s third quarter fiscal earnings.
“(1) The increase in product revenue despite the closure of COVID-19 related stores and the stay in home orders during the third fiscal quarter reaffirms our confidence in the installed base climb, (2) the benefit of the stimulus shows the continuity of Demand price for iPhone, (3) New iPhone delays create weakness in September, but in the face of the December quarter, (4) management expects strong non-iPhone product performance to stay in the fourth fiscal quarter, (5) installed iPad and Mac bases attracting new users and growth continues to exceed expectations (6) Services grew more slowly than expected, but margins have a growing bias, (7) Apple saw new revenue records throughout time in the App Store, Apple Music, Video and Cloud services. (8) capital returns strong ($ 21 billion returned to shareholders in the first quarter of the calendar with $ 15.9 billion in acquisitions, $ 3.7 billion in dividends), (9) Apple announced a 4-for-1 stock split, (10) the balance sheet remains solid at $ 81 billion in net cash and strong free-flow generation, ”Mohan writes.
The analyst reiterated his Buy valuation on Apple shares and shifted his price target to $ 420 from $ 410.
the first company with a market capitalization of $ 2 trillion. Mohan is not alone in his post-profit optimism at Apple – most analysts came out on Friday with revised price targets and full-year earnings estimates. “Data-reagid =” 35 “> Apple stock rose 7% to a record high on Friday, including tech giant closer to being the first $ 2 trillion market capitalized company. Mohan is not alone in optimism after Apple earnings – most analysts came out on Friday with revised price targets and full-year earnings estimates.
Yahoo Finance First Trade“data-reagid =” 36 “>” For me, this was just a massive quarter of an explosion, “technology analyst Wedbush Dan Ives told Yahoo Finance ‘s The First Trade.
Apple posted third-quarter fiscal revenue about 54 cents ahead of consensus estimates, despite the global recession brought on by the COVID-19 pandemic. Total sales of $ 59.7 billion shattered forecasts for $ 52.3 billion. Apple had growth in all segments of its products and geographies. Apple CEO Tim Cook credited strength to the iPhone as the main driver for the big top and bottom lines.
“It was better than we thought mainly because as we pointed out in the prepared remarks May and June were much better,” Cook told analysts at a conference on iPhone performance in the quarter.
Brian Sozziis a general editor and collaborator ofFirst Tradeat Yahoo Finance. Follow Sozzi on Twitter@BrianSozziand inLinkedIn.“data-reagid =” 40 “>Brian Sozzi is a general editor and collaborator of First Trade at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and in LinkedIn.