White maintained a Buy rating on the company, with a price target of $185.
“Apple remains our top pick for H2:2016 given our view that the sales, profit and iPhone cycle have bottomed, while valuation remains depressed and we expect the iPhone 7 cycle will return the iPhone franchise to growth,” the analyst mentioned.
The company reported its Q4 sales at $46.85 billion and pro forma EPS at $1.67, both metrics coming in ahead of the estimates, with EPS beating guidance as well.
Gross margins for the quarter were slightly ahead of estimates at 38 percent, while operating margins of 25.1 percent also beat estimates.
Apple reported beat operating profit of $11.76 billion, with operating cash flow of $16.1 billion.
“In our view, Apple's 1Q:FY17 outlook is strong with sales growth expected to return a quarter sooner than expected and a very positive sign with the iPhone 7 ramp,” White stated.
Apple guided to sales of $76-$78 billion for Q1, above the consensus and the estimate, with gross margin guidance of 38.0-38.5 percent.
|Oct 2016||Goldman Sachs||Maintains||Buy|
|Oct 2016||Credit Suisse||Maintains||Outperform|
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