Analysts Cite Strg Demand for iPhone X, Ctinued Growth of Services as Earnings Highlights

Apple's fourth quarter results have, at least for the moment, respded to the company's exceptial results in the secd quarter.

<img src = "http://apple.insidercdn.com/v9/images/1×1-white.jpg" alt = "The performance of the iPhone was better than expected when Apple announced its results Tuesday [19659004] After Apple Exceeded Expectatis in Tuesday's Results Release, RBC Capital Markets' Amit Daryanani Titled Its "Proving Skeptics Wrg … Again" While Setting Its Apple Price Target at $ 203

"More than a simple iPhone story"

"Revenue growth reflects ctinued iPhone growth (+ 14% revenue, 3% growth) and the accelerati of services (+ 31% y / y) (wearables, + 37% y / y), "added Daryanani." We are thinking slowly but surely, [Apple] is turning into more from a simple iPhone story and demstrates an ability to support revenue growth regardless of the trajectory of the iPhone. "

Other analysts es also noted the performance of the iPhone better than expected.

"Investors have not seemed so far impressed by the adopti of the iPhone X since its launch," said Wednesday Robert Cihra of Guggenheim Partners in a note. "But we think they should be MORE impressed by Apple's ability to increase its double-digit ASP of the Y / Y iPhone while still effectively retaining market share in a smartphe market." without growth, illustrating the power of its high-end demographics. "

Cihra maintained his purchase rating for the Apple title and set a price target of $ 215.

" The other companies count ยป

Macquarie Research's Ben Schachter was a little less enthusiastic, setting his target price at $ 197 and maintaining his outperformance rating.

" The fact that the iPhone may be somewhat weak and yet the model can display EPS growth of 30% a / a testifies to a changing model, "writes Schachter. [Apple] shows that his other businesses are important, and that success in services is now a important factor.Although we have been more careful ts with some of the service drivers recently, [Apple] showed that the services are now quite diverse Despite our ccerns about the slowdown in the growth of the App Store, other drivers are working. "

Jun Zhang of Rosenblatt Securities has maintained its Buy rating and set a target of $ 180.

" We believe that after the release of a slightly better quarter by Apple and better guided than expected by the market, Apple's supply chain is expected to csider a rise in the secd half, "writes Zhang in his note." Due to significant upgrades and different compent solutis for the new iPhone models , Apple needs to reduce most of its compents, such as panels, radio frequencies, 3D detecti and some product compents, could still provide weak guidance for the June quarter, even though Apple's forecasts were better than expected. "

Zhang added," We believe that iPhone shipments during the June quarter could be higher than our previous estimates of 37 milli units. Centes recommendatis & # 39; Apple, we now believe that the shipments & # 39; iPhone could be between 38 and 39 [milli] units. "

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