Bank of America raises Apple price target to $325 from $320
by Horace Dediu
Q2 forecast update
BofA raised the firm’s price target on Apple to $325 from $320 and keeps a Buy rating on the shares ahead of fiscal Q2 earnings due after market close on Thursday, April 30. The firm, which sees upside to Street estimates given continued strong sales of iPhone and double-digit growth in Services revenue, forecasts Q2 revenue and EPS of $113B and $2.00, respectively.
Source: TipRanks Financial
NB: My own estimates for Q2 revenues and EPS are $110B…
…and $2.0, respectively. These are equivalent to top line growth of 15% and bottom line 22%. It would be the highest growth since the Covid era.
A $2/share implies a current P/E (inclusive of the Q2 that just ended) of 30.
More to follow as we get closer to the earnings release date but this is a good preview.
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