Cowen Upgrades Apple, Cites OLED as Growth Driver

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

Cowen 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.