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  4. Apple Upgraded to Outperform From Neutral at Credit Suisse
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Apple Upgraded to Outperform From Neutral at Credit Suisse

By Davit Kirakosyan Today, after the market close, a Credit Suisse analyst assumed coverage on Apple Inc. (NASDAQ:AAPL) and upgraded the company to outperform from the prior...
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Apple Upgraded to Outperform From Neutral at Credit Suisse © Reuters Apple Upgraded to Outperform From Neutral at Credit Suisse

By Davit Kirakosyan

Today, after the market close, a Credit Suisse analyst assumed coverage on Apple Inc. (NASDAQ:AAPL) and upgraded the company to outperform from the prior analyst rating of neutral with a $201 price target, which implies a 17% upside potential to current levels.

According to the analyst, the company’s installed base of over 1.8 billion devices accelerates market adoption of its services and software offerings and creates stickier customer relationships with higher wallet share, which fortifies the company's ecosystem.

The company’s services revenue grew at a 23% CAGR between fiscal 2015 and 2021, with a blended gross margin of more than 65% despite several newer offerings that are still scaling (e.g., TV+). The analyst expects Services as a percentage of revenue and profit to continue to expand supported by new offerings (Payments, Advertising), and estimates gross margin to continue to trend around 43%, with inflation and currency headwinds offset by higher Services revenue (growing double digits) and vertical integration of components.

Furthermore, the analyst believes the company’s $192 billion cash on hand provides it with ample dry powder for organic investments, shareholder return, and continued M&A.

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

GBP/USD

1.2475

-0.0015 (-0.12%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

USD/JPY

157.91

+0.12 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (2)

Sell (3)

USD/CAD

1.3780

+0.0003 (+0.03%)

Summary

↑ Buy

Moving Avg:

Buy (12)

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Indicators:

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EUR/JPY

168.32

+0.10 (+0.06%)

Summary

↑ Buy

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Sell (0)

Indicators:

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EUR/CHF

0.9808

+0.0001 (+0.01%)

Summary

Neutral

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Sell (12)

Indicators:

Buy (3)

Sell (2)

Gold Futures

2,295.80

-7.10 (-0.31%)

Summary

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Sell (9)

Silver Futures

26.677

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Copper Futures

4.5305

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Crude Oil WTI Futures

81.14

-0.79 (-0.96%)

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Brent Oil Futures

85.62

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Natural Gas Futures

1.946

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US Coffee C Futures

213.73

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Euro Stoxx 50

4,920.55

-60.54 (-1.22%)

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S&P 500

5,035.69

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DAX

17,921.95

-196.37 (-1.08%)

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FTSE 100

8,144.13

-2.90 (-0.04%)

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Sell

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Hang Seng

17,763.03

+16.12 (+0.09%)

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Sell (12)

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US Small Cap 2000

1,973.05

-42.98 (-2.13%)

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Buy (0)

Sell (12)

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IBEX 35

10,854.40

-246.40 (-2.22%)

Summary

Neutral

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BASF SE NA O.N.

49.155

+0.100 (+0.20%)

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Bayer AG NA

27.35

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Allianz SE VNA O.N.

266.60

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Adidas AG

226.40

-5.90 (-2.54%)

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Deutsche Lufthansa AG

6.714

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Siemens AG Class N

175.90

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Deutsche Bank AG

15.010

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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