Technology
Apple: Why Nomura set an underwater price target
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With Apple trading above $228, he’s set a price target of $210.
From note to clients sent last Friday that I just discovered in my inbox:
Flat unit volumes, a leaky supply chain, and a story that has broadened to services and buybacks has lessened, though not eliminated, the import once granted the release of the new iPhones. We expect the impending cycle to bring stable unit volumes, modest ASP expansion, and generally sufficient verve to allow services and buybacks to drive EPS growth.
Maintains Neutral rating, raises price target to $210 from $190.
See also: Nomura hikes Apple price target to $210.
My take: Having read the rationale, I still can’t make sense of Kvaal’s call.
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