Why Analysts Are Chasing Apple Back Over $1 Trillion

Technology

Published: July 31, 2019 12:05 pm

Last Updated: January 30, 2020 5:51 pm

Apple Inc. (NASDAQ: AAPL) released its fiscal third-quarter results after markets closed Tuesday, and this tech giant continued to impress investors and analysts alike. Also, this boost pushed Apple’s market cap back over the $1 trillion mark to join the club with Microsoft.

24/7 Wall St. has included some of the main highlights from the Apple earnings report, as well as what analysts are saying afterward.

The iPhone giant said that it had $2.18 in earnings per share (EPS) and $53.8 billion in revenue, compared with consensus estimates that called for $2.10 in EPS and revenue of $53.39 billion. In the third fiscal quarter of last year, Apple posted $2.34 in EPS and $53.27 billion in revenue.

In its most recent quarter, the firm reported its product sales as follows:

iPhone pulled in revenues of $29.91 billion, an increase of 20% year over year.
Mac revenues decreased by 5% to $5.33 billion.
iPad revenues decreased 5% to $4.74 billion.
Services revenues increased by 31% to $9.55 billion.
Other Products revenues increased by 37% to $3.74 billion.

Regarding guidance for the fiscal fourth quarter, the company expects to see revenues in the range of $61 billion to $64 billion and a gross margin of 37.5% to 38.5%. The consensus estimates call for $2.67 in EPS on $61.02 billion in revenue for the quarter.

Here’s what analysts had to say after the fact:

Cowen reiterated an Outperform rating and raised its price target to $250 from $220.
Piper Jaffray reiterated an Overweight rating and raised its target to $243 from $230.
Nomura reiterated a Neutral rating and raised its target price to $185 from $180.
D.A. Davidson reiterated a Buy rating with a $270 price target.
Loop Capital reiterated a Hold rating with a $200 price objective.
Maxim Group reiterated a Hold rating with a $211 price target.
Wedbush reiterated an Outperform rating and raised its target to $245 from $235.
Monness Crespi & Hardt reiterated a Buy rating and raised its target to $265 from $245.
Canaccord Genuity reiterated a Buy rating and raised its target price to $240 from $202.
Deutsche Bank reiterated a Hold rating and raised its price target to $210 from $205.
Citigroup reiterated a Buy rating and raised its price target to $250 from $205.
Credit Suisse reiterated a Neutral rating with a $209 price objective.