Apple (AAPL) PT Trimmed to $130 at BMO Capital

BMO Capital analyst Tim Long reiterated an Outperform on Apple (NASDAQ: AAPL) but trimmed his price target to $130.00 (from $133.00) following results after the close.

The analyst called the results Neutral. "iPhone guidance implies a big drop for the first time ever for Apple, but some were likely expecting worse, and ASP has been resilient," Long said. "While the Mac, iPad and Watch disappointed, Services remained strong in the quarter. We are encouraged that the 1 billion active devices grew by 25% over the past year, and with a record number of iPhone switchers, we believe the Service line will keep growing in importance. We remain positive on the stock as we believe units are poised to rebound in the second half with a refresh of the small screen iPhone, followed by the iPhone 7 and 7 Plus in September. On a longer-term basis, we disagree with the bear call that Apple will no longer grow. We still expect mid-single digit growth over the next few years."

They lowered EPS estimates to $9.20 from $9.50 for FY2016 and to $10.25 from $10.43 for FY2017.

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 $99.99 yesterday.

You May Also Be Interested In

• Deutsche Bank Downgrades L'Oreal SA (OR:FP) (LRLCY) to Sell
• Raymond James Starts Nicolet Bankshares (NIC) at Market Perform
• Fervo Energy (FRVO) PT Raised to $50 at Baird