The indomitable Apple caught an upgrade this morning by the pencil pushers at Cowen, who cite OLED as a growth driver for 2017. Moreover, they suggest the company will unveil some ‘dreamy’ form factors.
This is pure bullshit, a ploy to get publicity for their 4th tier investment bank.
Via Briefing.com
If you enjoy the content at iBankCoin, please follow us on TwitterCowen upgrades AAPL to Outperform from Market Perform and raises their tgt to $135 from $125. Y/Y compares and forward estimates have bottomed, iPhone 7 will benefit if nothing else from the 6/6+ “echo” effect as these units enter the upgrade base, OLED in ’17 solves growth concerns + builds a bridge to new “dreamy” form factors, and valuation provides a solid backstop. Firm now believes co could adopt OLED in ’17 for all new flagship iPhone, not just high-end “niche” model. This potentially equates to ~80-100MM+ units w/some flexible rigid design likely, migrating to full flexible in ’18. Additionally, while they see CQ1 revenue biased toward the low-end of $50-53B rev guidance given ongoing 6S softness, it is hard to see rev below the low end with FX modeling also suggesting ~100-150bps better than assumed in AAPL guide.
