KeyBanc: 'We Continue to Have Our Concerns on Apple (AAPL)'

KeyBanc analyst Brandon Nispel reiterated a Sector Weight rating on Apple (NASDAQ: AAPL).

The analyst commented: "We continue to have our concerns on AAPL, though with the YTD stock underperformance, the setup appears largely de-risked, providing a neutral NT risk/reward, in our view. We're raising our F1Q estimates to reflect higher iPhone ASPs due to mix and better Mac, and see F2Q iPhone builds tracking better than anticipated with also higher ASPs. NT trends are more encouraging, though we remain concerned that 2H growth and margin expectations appear to have a relatively high bar."

For an analyst ratings summary and ratings history on Apple click here. For more ratings news on Apple click here.

Shares of Apple closed at $248.35 yesterday.

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