Tech giant Apple Inc (NASDAQ:AAPL) is expected to report its fourth-quarter currency effects after the market closes on Thursday.
Here’s a look at analysts’ earnings estimates, what analysts are saying ahead of the report’s release, and the key things investors should pay attention to.
Apple earnings estimates: Analysts expect Apple to report fourth-quarter profit of $89. 27 billion, according to data from Benzinga Pro.
Apple reported fourth-quarter profit of $90. 15 billion last fiscal year. The company has beaten analysts’ earnings estimates in six of the past seven quarters.
Related link: Apple has the moment to ‘flex its muscles’ with the iPhone 15
What Apple analysts are saying: One of the main pieces to watch in Apple’s quarterly report will be demand for the iPhone 15, according to Wedbush analyst Dan Ives.
Ives, who has an outperformance score and a price target of $240, expects Apple to report an outlook for iPhone sales and demand.
“Right now, the general sentiment on the street is a negative ‘groupthink mentality’ that stems from the impression that we see it as very disconnected from the existing iPhone 15 expansion that we’re seeing in the room because of our recent controls and our trip to Asia, which provides us with a peak of confidence in Apple’s ownership at those points,” Ives said.
Revenue and earnings consistent with percentage estimates are outperformed numbers for Apple, he said.
“It’s about applying for the iPhone 15 and a double-digit service expansion for FY24. “
Demand for the iPhone 15 in China will be a key detail to watch and pay attention to in Apple CEO Tim Cook’s commentary, Ives said.
“We, Cook, will strike a sometimes positive tone in relation to the iPhone call in China for the December quarter, despite the overwhelmingly negative sentiment on the street. “
“Apple is poised for next year with an overall valuation that we set at $240 per share. “
Apple’s “Scary Fast” event, which showcased news and updates from the company, garnered mixed reviews from analysts.
Needham analyst Laura Martin said the event would take place the same week as Apple’s earnings report.
“The timing, just three days before the results, leads us to assume that PC and iMac sales were weak in the September quarter,” Martin said.
Here’s a look at Apple’s analyst notes for the month of October:
KeyBanc: downgrading Apple from heavyweight to sector weight, with no value target.
Bernstein: Market performance, price target of $195.
Barclays: Comparable price target by weight dropped to $166 from $167.
Bank of America: Neutral, $174 target.
Oppenheimer: Outperform, price target reduced from $220 to $200.
Key things Apple investors should keep in mind: The iPhone 15 initial sale request will be the most important element of the quarter and key for many analysts and investors. The effects could also weigh on shares of phone vendors in Thursday and Friday trading. .
China remains key for Apple, with reports of bans in the country and the weakening of the iPhone weighing on the quarterly report. Apple’s comment on China may be one of the biggest topics to watch on Thursday.
General comments on macroeconomic considerations may also be key for Apple. The company is one of the most well-known brands of various customer products, and reviews about calls and pricing can be anything to consider.
AAPL worth stock: Apple shares were trading 0. 78% higher at $172. 10 on Wednesday, with 52-week trading diversity at $124. 17 to $198. 23. Apple shares are up 37% year-to-date in 2023.
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Photo courtesy of Apple.