Baird reiterated an Outperform rating on Apple, Inc. (NASDAQ:AAPL) and raised their price target on the stock to $180.00 (from $170.00) ahead of the technology company’s 2Q earnings report. Apple is scheduled to report results after market close on May 4th.
Analysts wrote in a note, “We expect solid FQ2 results, with the focus on the capital return update and iPhone trends in the current macro environment, along with forward guidance commentary. We remain positive on the long-term eco-system benefits, strong free cash flow and capital returns, and are raising our target modestly. However, with valuation vs. the S&P 500 near all-time highs, we'd also be more aggressive buyers on any pullbacks.”
Baird expects Apple to report revenue and EPS of $92.1 billion and $1.41, respectively, vs. $97.3B and $1.52 a year ago and the current consensus of $92.9B and $1.43.
The analysts expect iPhone revenue of $47.9B, down 5.4% YOY and 27.2% sequentially.
Shares of AAPL are down 0.39% in afternoon trading on Tuesday.