Apple's Q2 'One For Record Books': 6 Analysts Break Down Iphone Maker's 'Jaw Dropper' Quarter

Apple's Q2 'One For Record Books': 6 Analysts Break Down iPhone Maker's 'Jaw Dropper' Quarter

Apple Inc. AAPL reported Wednesday with forecast-beating second-quarter results, and the stock is reacting with a move to the upside.

The Apple Analysts: Morgan Stanley analyst Katy Huberty maintained an Overweight rating and increased the price target from $158 to $161.

BofA Securities analyst Wamsi Mohan reiterated a Neutral rating and hiked the price target from $155 to $160.

Wedbush analyst Daniel Ives maintained an Outperform rating and lifted the price target from $175 to $185, with a bull target of $225. The analyst said Apple remains one of Wedbush's best ideas in 2021.

Jefferies analyst Kyle McNealy maintained a Buy rating and increased the price target for the shares from $160 to $175.

Raymond James analyst Chris Caso reiterated an Outperform rating and increased the price target from $160 to $185.

Needham analyst Laura Martin maintained a Buy rating and $170 price target.

Morgan Stanley On Apple's Revenue Trends: Strength across the portfolio and across regions combined with expected backlog growth in iPads and Macs speaks to sustained revenue trends which has been a key investor debate, Huberty said in a note.

Consensus estimates are likely to move toward Morgan Stanley's above-consensus EPS and revenue estimates for fiscal years 2021 and 2022, the analyst said.

The September quarter guidance will be an important proof point of demand sustainability and is, therefore, the next major stock catalyst, she said.

It will likely help drive the shares back toward a more appropriate platform P/E multiple in the low 30-times range, Huberty said. 

BofA Concerned About Tough Comps For Apple: Despite supply constraints in several product lines, Apple reported strong revenue and margins, Mohan said in a note. 

The iPhone installed base continued to grow beyond 1 billion units and reached an all-time high, and iPhone revenue climbed 66% year-over-year, the analyst said. 

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