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Apple Stock Price Soars After Citi Analyst Says It’s Possible

Despite the humps and bumps that Apple faced last year, the tech company would likely face an exciting new year, according to financial analyst. Analysts are still positive on the company’s prospects this year. This comes after Apple reported good results of its 3rd quarter earnings last Tuesday.

The Cupertino -based tech giant’s better-than-expected financial performance sends Apple’s stocks skyrocketing. With this recent development, analysts said that Apple has beat Wall Street regarding revenue and earnings. Apple’s stocks soar more than 5 percent, now sitting close to $150.

2018 will be a good year for Apple?

A Citigroup analyst named Jim Suva said that Apple is the next big thing for investors this year. Suva attributed Apple’s financial success to the company’s overhaul of its iPhone in 2017. He added that the company should also start selling at least 7 percent of its iPhone in the next fiscal year, commencing October 2017.

Also, one factor that boosted Apple’s earning per share by 6 percent was the US government’s move to slash down corporate tax by 15 percent from the existing 35 percent.

Apart from these, Suva branded Apple as the king of un-patriated funds because the US government did not tax Apple with $216 billion as of September.

“Across our coverage universe, we see Apple as a significant beneficiary of Trump tax reforms,” Suva wrote in his research note.

“Apple is very well positioned to benefit from potential tax reform of either or both a repatriation tax holiday and or a lower corporate tax rate,” said Suva.

Below is Apple’s financial report as reported by Business Insider.

  • Q3 earnings per share (GAAP): $1.67, up 17% year-over-year, versus expectations of $1.57
  • Q3 revenue: $45.4 billion, up 7% year-over-year, versus expectations of $44.95 billion
  • Gross margin: 38.5%, up 1% year-over-year, versus expectations of 38.2%
  • iPhone unit sales:41.0 million, up 1% year-over-year, versus expectations of 41.1 million
  • iPad unit sales: 11.42 million, up 14% year-over-year
  • Mac unit sales: 4.292 million, flat year-over-year
  • Q4 revenue guidance: $49 billion – $52 billion versus expectations of $49.21 billion

via TechNewsGadget

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Apple Stock Price Soars After Citi Analyst Says It’s Possible


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