Analysts raise Apple forecast as competitors unveil new (and old) products

by Dramelin 4:30 AM 0 comments

"In all, we remain positive on the name on potential upside to estimates, improving sentiment and supportive valuation," added the analysts.
Apple`s price target has been lifted from $135 to $150 by analysts at Mizuho on Monday as its rivals rolled out a swathe of new products in Barcelona at the annual Mobile World Congress.
"We further see potential for a significant product cycle later this year as the new device is likely to induce significant upgrades within the iPhone installed base of around 500-600 million devices," read the note.
The next iteration of Apple`s handset, the iPhone 8, is expected to be released this year with the analysts anticipating its launch to lead to a replacement spree of older versions of the product.
After a review of supply chain data for the iPhone carried out by the investment bank`s Japan analysts, Mizuho said it was raising its procurement estimates for calendar year 2017 by 6 percent ? or 12 million additional units ? to a forecast total of 225 million units: an 11 percent increase over 2016`s total.