Apple: Credit Suisse initiates with 'neutral' rating
(CercleFinance.com) - Credit Suisse has initiated coverage of the Apple stock with "neutral" rating and a target price of 209 dollars, citing maturity in the iPhone cycle.
While the broker recognizes the potential in the shift to a more recurring, higher-growth services company, it also believes "it will take time for that view to play out."
According to Credit Suisse, investor perception of Apple as a hardware-centric company will be "hard to shake" against a backdrop of double-digit declines in iPhone sales.
With the stock up 40% from its January lows and close to a peak multiple, the broker hence remains on the sidelines, pending a better entry point.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
While the broker recognizes the potential in the shift to a more recurring, higher-growth services company, it also believes "it will take time for that view to play out."
According to Credit Suisse, investor perception of Apple as a hardware-centric company will be "hard to shake" against a backdrop of double-digit declines in iPhone sales.
With the stock up 40% from its January lows and close to a peak multiple, the broker hence remains on the sidelines, pending a better entry point.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.