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<\/div>\nInvestment bank Cowen is expecting Apple to report June quarter earnings in-line with the larger Wall Street consensus, and adds that Services and the upcoming 5G “iPhone 12<\/a>” will boost the company’s momentum going forward.<\/p>\n In a note to investors seen by AppleInsider<\/em>, analyst Krish Sankar says that Apple’s strong position stems from the upcoming “iPhone 12<\/a>” cycle as a catalyst for 2021 earnings; the fact that the Services segment is remaining resilient compared to hardware products; and the company’s free cash flow remaining “robust” during coronavirus<\/a>.<\/p>\n<\/div>\n Apple is set<\/a> to hold its third quarter earnings report and call with investors at 2 p.m. Pacific (5 p.m. Eastern) on Thursday, July 30.<\/p>\n<\/div>\n Although the analyst said that Apple may choose not to provide guidance for the September quarter, owning Apple stock is really about the “long-term Services growth opportunity and upcoming 5G iPhone cycle.”<\/p>\n<\/div>\n “The Services segment remains a bright spot, and Mac demand could see momentum into the back-to-school period,” Sankar wrote. The analyst is expecting Apple to report sales growth of 23% from the previous quarter and a total of 40 million iPhone units shipped.<\/p>\n<\/div>\n For the quarter overall, the analyst forecasts revenue of $50.18 billion, with $13.2 billion in Services revenue and $21 billion in iPhone earnings, roughly in line with the Wall Street consensus. On average, analysts tracking Apple sales expect the company to report $51.47 billion in this call. That compares to $58.3 billion in the second fiscal quarter of 2020, although traditionally Apple’s third fiscal quarter is the company’s weakest time in the year.<\/p>\n<\/div>\n Cowen says that Apple has about $93 billion remaining in its current share repurchase program. Sankar expects buybacks to trend at $10 billion a quarter for the rest of 2020.<\/p>\n<\/div>\n Sankar’s forecast claims that iPhone shipments will decline 12% year-over-year in 2020. But, given the expected strength of the “iPhone 12” and 5G, Sankar believes that fiscal year 2021 will see a 20% increase over the 2020 sales numbers.<\/p>\n<\/div>\n Cowen’s 12-month AAPL price target remains unchanged at $400, which was upped from $335<\/a> in June. That target was based on a blended 25x multiple and a $15.78 earnings-per-share rating for 2021.<\/p>\n<\/div>\n Shares of AAPL were trading at $377.18 on the NASDAQ Monday morning, up 1.83% in intra-day trading. Since the start of July, Apple’s stock price is up a total of 3.64%.<\/p>\n<\/div>\n<\/div>\n Tags:<\/b> Mike Peterson<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"\n\n\n\n![\"Credit:](\"https:\/\/photos5.appleinsider.com\/gallery\/36868-68924-Cowen-Q3-AAPL-Graph-xl.jpg\")
<\/div>\nCredit: Cowen<\/span><\/div>\n<\/div>\n\n\n\n\n\n\nSee Campaign: <\/strong>https:\/\/appleinsider.com\/inside\/iphone-12<\/a>
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Mike Peterson<\/p>\n
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Investment bank Cowen is expecting Apple to report June quarter earnings in-line with the larger Wall Street consensus, and adds that Services and the upcoming 5G “iPhone 12” will boost the company’s momentum going forward. In a note to investors seen by AppleInsider, analyst Krish Sankar says that Apple’s strong position stems from the upcoming … Continue reading Apple ‘resilient’ in Q3 earnings with future focus still on 5g ‘iPhone 12,’ Cowen predicts<\/span><\/a> Continue Reading