Apple: Jefferies assumes coverage with 'buy' rating
(CercleFinance.com) - Jefferies assumed coverage of Apple with a "buy" rating, thanks to the company's "underappreciated position" for 5G and services expansion.
The broker - which has set a target price of 260 dollars for the shares - said Wall Street iPhone estimates are "too conservative" for 5G.
"We think the Street underestimates the benefit Apple gets from this headinginto the 5G cycle," Jefferies wrote in a note.
Analysts expect 190 million units for the group's full-year 5G iPhone cycle, or 9% below the 6-year average unit volume for iPhone.
Apple shares were up 1.3% at 221.6 dollars after these positive comments.
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.
The broker - which has set a target price of 260 dollars for the shares - said Wall Street iPhone estimates are "too conservative" for 5G.
"We think the Street underestimates the benefit Apple gets from this headinginto the 5G cycle," Jefferies wrote in a note.
Analysts expect 190 million units for the group's full-year 5G iPhone cycle, or 9% below the 6-year average unit volume for iPhone.
Apple shares were up 1.3% at 221.6 dollars after these positive comments.
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.