StockWorld News

Could holiday quarter be a strong one for Apple? Citi analyst weighs in

Could holiday quarter be a strong one for Apple? Citi analyst weighs in

Ad disclosure

Invezz is an independent platform with the goal of helping users achieve financial freedom. In order to fund our work, we partner with advertisers who compensate us for users that Invezz refers to their services. While our reviews and assessments of each product on the site are independent and unbiased, brands may pay to appear higher up our table rankings or place ads in specific areas of the site. The order in which products and services appear on Invezz does not represent an endorsement from us, and please be aware that there may be other platforms available to you than the products and services that appear on our website. Read more about how we make money >

By:

Wajeeh Khan

on
Nov 26, 2021

Jim Suva expects Apple sales to be up this quarter on a year-over-year basis.

D.A. Davidson’s Tom Forte agrees demand is very strong for Apple Inc.

Shares of the American tech giant are down more than 2.0% on Friday.

Shares of Apple Inc (NASDAQ: AAPL) are down more than 2.0% on Friday in sympathy with the broad market that turned red on reports of a new COVID variant. But Citigroup’s Jim Suva says buy the dip because it’s going to be another strong quarter for the iPhone maker.

Suva’s remarks on CNBC’s ‘Squawk on the Street’

Suva expects strong sales for Apple products and services in the holiday quarter. On CNBC’s “Squawk on the Street”, he said:


Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

We expect their sales to be up year-over-year, and this is off of difficult comps. We think Apple continues to grow both its hardware and its services, and we expect technology at large to continue to lead as people navigate through this Coronavirus scare.

Suva rates AAPL at “buy” with a price target of $170 that represents a nearly 8.0% upside from here. His outlook starkly contrasts Satori Fund’s Dan Niles’ who sees Apple as the most overpriced tech stock that exists.

D.A. Davidson’s Tom Forte agrees

Last month, Apple said the ongoing supply constraints resulted in a $6.0 billion hit to its quarterly revenue and warned the impact could be even bigger in the holiday quarter. D.A. Davidson’s Tom Forte, however, expects strong demand to make up for it.

I do think that demand is very strong. 2021 is potentially the year of a digital holiday with consumers unable to buy physical products and leaning into digital ones. Apple has a ton of services and a very large installed base and, therefore, is very well-positioned in that regard.

Earlier in November, a Bloomberg report said Apple could launch its first fully autonomous vehicles by 2025.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker,

eToro

10/10

67% of retail CFD accounts lose money

Visit site

Industries

North America

Stocks & Shares

Technology

USA

World