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Analysts Bullish on Tech Giants Apple Inc. (AAPL) and Fitbit Inc (FIT) Following Smartphone Survey and Ahead of Earnings

Wall Street analysts weigh in on tech giants Apple Inc. (NASDAQ:AAPL) and Fitbit Inc (NYSE:FIT), offering compelling reasons for their ratings and summarizing expectations. While UBS analyst remains positive on Apple following mixed survey results for iPhone 7, Oppenheimer analyst remains confident on Fitbit despite expectations for seasonal weakness ahead of Q3 print. Let’s take a closer look:

Apple Inc.

The UBS Evidence Lab did a survey of nearly 6,500 smartphone users across the U.S., U.K., Germany, mainland China, and Japan to gauge interest in Apple’s iPhone 7. UBS analyst Steven Milunovich is out with a research note, presenting the results.

Milunovich noted, “Our March survey pointed to iPhone 7 interest between the 6 and 6s, which has been confirmed by surveys and search results since. This time we find higher overall smartphone purchase intentions the next six months with iPhone 7 interest especially strong in the US and rising demand for the Plus. However, China, is exhibiting signs of softness in F17, including lower interest in the 7 than the 6/6s. However, the Apple brand remains strong. We continue to model iPhone unit growth of 6% in F17 and 16% in F18.”

The following bullets contain some highlights from the report:

  • Almost half of US respondents are very or somewhat likely to purchase an iPhone 7, above even the 6 cycle two years ago;
  • The US shows a shift toward the Plus with a 9-point rise over the 6s;
  • Apple rates high in product uniqueness, and its customers...