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2023-03-06

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Apple's Stock Has 5 Overlooked Catalysts That Will Drive It Higher, Analyst Says

Morgan Stanley continues to see Apple as a top stock pick“History shows you want to own Apple stock

Apple's Stock Has 5 Overlooked Catalysts That Will Drive It Higher, Analyst Says

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Apple remains Woodring&#39;s top pick, and he boosted his price target to $180 from $175 in a Friday note to clients.</p><p>Woodring sees pent-up demand for iPhones, a trend that could help spur a reacceleration in device shipments during fiscal 2024 that&#39;s more robust than what&#39;s currently baked into consensus expectations.</p><p>Services growth could also pick up after a slowdown that&#39;s &#34;concerned&#34; investors.</p><p>&#34;However, underlying this deceleration has been the most extreme FX headwinds the company has faced as far back as we&#39;ve tracked the data, which suggests that in constant currency, Services has still been growing low double-digits,&#34; Woodring noted, versus the mid-single-digit growth the company has seen recently.</p><p>The services business could reaccelerate going forward, in his view, as Apple starts cashing in on the hundred-million-plus new users that joined its ecosystem last year and benefits from price increases on services like Apple Music and Apple TV+.</p><p>Additionally, Woodring thinks that Wall Street isn&#39;t giving the company enough credit for its margin potential.</p><p>&#34;Perhaps what is most underappreciated by investors today is just how strong Apple&#39;s underlying gross margins are when adjusting for FX headwinds, which we estimate were 46% in the Dec Q, and are likely to reach nearly 47% in the March Q,&#34; he wrote.</p><p>He sees about 150 basis points of upside to consensus expectations for Apple&#39;s gross margins in fiscal 2023 and 2024.</p><p>There could also be some excitement later this year as Apple prepares to debut its next iPhone model and the augmented reality/virtual reality headset that&#39;s been rumored to be in the works.</p><p>&#34;History shows you want to own Apple stock 6-9 months ahead of key product launches, with Apple&#39;s new AR/VR headset and the iPhone 15 launch both key upcoming catalysts,&#34; according to Woodring.</p><p>Finally, he&#39;s upbeat about the possible launch of a hardware subscription program, which could get Wall Street to think about Apple&#39;s stock differently.</p><p>&#34;What gets us most excited as an Apple analyst today is the business model transformation Apple is undergoing, shifting toward a model focused on installed base monetization rather than unit growth, which in our view, increasingly argues for a valuation more commensurate of a subscription-like business vs. valuation today that is more reflective of a high-quality technology platform.&#34;</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple's Stock Has 5 Overlooked Catalysts That Will Drive It Higher, Analyst Says\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2023-03-06 10:07</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Morgan Stanley continues to see Apple as a top stock pick</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/200d5c0678849d29304cb5580fcef28a\" tg-width=\"700\" tg-height=\"454\" referrerpolicy=\"no-referrer\"/><span>“History shows you want to own Apple stock 6-9 months ahead of key product launches,” Morgan Stanley says.</span></p><p>On the surface, Apple Inc. wouldn&#39;t appear to have the most optimal setup.</p><p>The consumer-electronics company has been facing &#34;weaker consumer electronics spending, a challenging macro backdrop, [foreign-exchange] headwinds, iPhone production shortages, and lingering COVID restrictions&#34;--all factors that could drive the company to its first fiscal year of revenue and earnings declines since 2019, according to Morgan Stanley analyst Erik Woodring.</p><p>Looking more deeply, however, Woodring thinks Wall Street is overlooking numerous compelling parts of Apple&#39;s (AAPL) story that could play out &#34;beyond the near-term.&#34;</p><p>He cheered &#34;a catalyst-rich event path over the next 12 months that is underappreciated by investors, including reaccelerating iPhone and Services growth, record gross margins, two new product launches, and the potential introduction of an iPhone subscription program.&#34;</p><p>These &#34;5 underappreciated catalysts&#34; could drive a &#34;re-rating&#34; of Apple&#39;s stock, in his view, meaning that they could prompt investors to assign a higher multiple to the name. Apple remains Woodring&#39;s top pick, and he boosted his price target to $180 from $175 in a Friday note to clients.</p><p>Woodring sees pent-up demand for iPhones, a trend that could help spur a reacceleration in device shipments during fiscal 2024 that&#39;s more robust than what&#39;s currently baked into consensus expectations.</p><p>Services growth could also pick up after a slowdown that&#39;s &#34;concerned&#34; investors.</p><p>&#34;However, underlying this deceleration has been the most extreme FX headwinds the company has faced as far back as we&#39;ve tracked the data, which suggests that in constant currency, Services has still been growing low double-digits,&#34; Woodring noted, versus the mid-single-digit growth the company has seen recently.</p><p>The services business could reaccelerate going forward, in his view, as Apple starts cashing in on the hundred-million-plus new users that joined its ecosystem last year and benefits from price increases on services like Apple Music and Apple TV+.</p><p>Additionally, Woodring thinks that Wall Street isn&#39;t giving the company enough credit for its margin potential.</p><p>&#34;Perhaps what is most underappreciated by investors today is just how strong Apple&#39;s underlying gross margins are when adjusting for FX headwinds, which we estimate were 46% in the Dec Q, and are likely to reach nearly 47% in the March Q,&#34; he wrote.</p><p>He sees about 150 basis points of upside to consensus expectations for Apple&#39;s gross margins in fiscal 2023 and 2024.</p><p>There could also be some excitement later this year as Apple prepares to debut its next iPhone model and the augmented reality/virtual reality headset that&#39;s been rumored to be in the works.</p><p>&#34;History shows you want to own Apple stock 6-9 months ahead of key product launches, with Apple&#39;s new AR/VR headset and the iPhone 15 launch both key upcoming catalysts,&#34; according to Woodring.</p><p>Finally, he&#39;s upbeat about the possible launch of a hardware subscription program, which could get Wall Street to think about Apple&#39;s stock differently.</p><p>&#34;What gets us most excited as an Apple analyst today is the business model transformation Apple is undergoing, shifting toward a model focused on installed base monetization rather than unit growth, which in our view, increasingly argues for a valuation more commensurate of a subscription-like business vs. valuation today that is more reflective of a high-quality technology platform.&#34;</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4559":"巴菲特持仓","BK4527":"明星科技股","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","BK4501":"段永平概念","BK4588":"碎股","LU0511384066.AUD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (AUDHDG) ACC","LU0097036916.USD":"贝莱德美国增长A2 USD","BK4550":"红杉资本持仓","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","LU0444971666.USD":"天利全球科技基金","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","BK4573":"虚拟现实","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","BK4581":"高盛持仓","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","IE00BLSP4452.SGD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis SGD-H Plus","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","BK4170":"电脑硬件、储存设备及电脑周边","LU0238689110.USD":"贝莱德环球动力股票基金","LU0234570918.USD":"高盛全球核心股票组合Acc Close","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU0109391861.USD":"富兰克林美国机遇基金A Acc","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","BK4532":"文艺复兴科技持仓","BK4554":"元宇宙及AR概念","BK4515":"5G概念","LU0082616367.USD":"摩根大通美国科技A（dist）","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","BK4507":"流媒体概念","BK4571":"数字音乐概念","BK4534":"瑞士信贷持仓","BK4585":"ETF&股票定投概念","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","BK4533":"AQR资本管理(全球第二大对冲基金)","AAPL":"苹果","BK4575":"芯片概念","LU0109392836.USD":"富兰克林科技股A","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2316146909","content_text":"Morgan Stanley continues to see Apple as a top stock pick“History shows you want to own Apple stock 6-9 months ahead of key product launches,” Morgan Stanley says.On the surface, Apple Inc. wouldn't appear to have the most optimal setup.The consumer-electronics company has been facing \"weaker consumer electronics spending, a challenging macro backdrop, [foreign-exchange] headwinds, iPhone production shortages, and lingering COVID restrictions\"--all factors that could drive the company to its first fiscal year of revenue and earnings declines since 2019, according to Morgan Stanley analyst Erik Woodring.Looking more deeply, however, Woodring thinks Wall Street is overlooking numerous compelling parts of Apple's (AAPL) story that could play out \"beyond the near-term.\"He cheered \"a catalyst-rich event path over the next 12 months that is underappreciated by investors, including reaccelerating iPhone and Services growth, record gross margins, two new product launches, and the potential introduction of an iPhone subscription program.\"These \"5 underappreciated catalysts\" could drive a \"re-rating\" of Apple's stock, in his view, meaning that they could prompt investors to assign a higher multiple to the name. Apple remains Woodring's top pick, and he boosted his price target to $180 from $175 in a Friday note to clients.Woodring sees pent-up demand for iPhones, a trend that could help spur a reacceleration in device shipments during fiscal 2024 that's more robust than what's currently baked into consensus expectations.Services growth could also pick up after a slowdown that's \"concerned\" investors.\"However, underlying this deceleration has been the most extreme FX headwinds the company has faced as far back as we've tracked the data, which suggests that in constant currency, Services has still been growing low double-digits,\" Woodring noted, versus the mid-single-digit growth the company has seen recently.The services business could reaccelerate going forward, in his view, as Apple starts cashing in on the hundred-million-plus new users that joined its ecosystem last year and benefits from price increases on services like Apple Music and Apple TV+.Additionally, Woodring thinks that Wall Street isn't giving the company enough credit for its margin potential.\"Perhaps what is most underappreciated by investors today is just how strong Apple's underlying gross margins are when adjusting for FX headwinds, which we estimate were 46% in the Dec Q, and are likely to reach nearly 47% in the March Q,\" he wrote.He sees about 150 basis points of upside to consensus expectations for Apple's gross margins in fiscal 2023 and 2024.There could also be some excitement later this year as Apple prepares to debut its next iPhone model and the augmented reality/virtual reality headset that's been rumored to be in the works.\"History shows you want to own Apple stock 6-9 months ahead of key product launches, with Apple's new AR/VR headset and the iPhone 15 launch both key upcoming catalysts,\" according to Woodring.Finally, he's upbeat about the possible launch of a hardware subscription program, which could get Wall Street to think about Apple's stock differently.\"What gets us most excited as an Apple analyst today is the business model transformation Apple is undergoing, shifting toward a model focused on installed base monetization rather than unit growth, which in our view, increasingly argues for a valuation more commensurate of a subscription-like business vs. valuation today that is more reflective of a high-quality technology platform.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":186,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"upFlag":false,"length":30,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}