Apple is set to report its fiscal second-quarter earnings on Tuesday afternoon. Analysts are taking a somewhat cautious approach ahead of the results.
"Despite the 40%+ rally from the lows following the December quarter pre-announcement on Jan. 2nd, we see a number of reasons to remain bullish," analysts led by Katy Huberty wrote in a note to clients last week.They believe investors underappreciate Apple's platform, with iOS users' mobile- app spending 10 times that of Android users.
"Lastly, our conversations with institutional investors suggest most are uninvolved or underweight/short despite the likelihood of Services growth re-accelerating, iPhone declines moderating,and continued share price support from the company buying back stock," they added.Price target:"In our opinion, investors expect fundamentals to be weak heading into AAPL earnings despite the recent move in the stock," analysts led by Wamsi Mohan wrote in a note to clients last week.
Investors will likely be focused on factors including gross margins , services growth expectations of around 20%, overall revenue within the guided range of $55 billion to $59 billion, updated demand commentary from China and other emerging markets, and any color on the company's Qualcomm settlement.
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