Apple: Add'l iPhone-related data points leave firm confident in 74.7M F1Q16 est; Buy, $140 tgt -- Stifel
Stifel notes while investor focus is clearly on the March and June quarter dynamics, firm views the monthly data they have tracked thus far during C4Q15 to be supportive of their 74.7 mln est. Mobile phone export data for both provinces (Henan and Shanghai) show a notable slowdown during Nov.; however, firm would emphasize that this follows extremely strong monthly data in Sept and Oct -- firm believes indicative of a change in the velocity of Apple's iPhone product cycle. Based on their est that Oct + Nov account for 70% of total C4Q15 exports, firm would arrive at a +9.5% y/y growth est. Using the historically high quarterly correlation firm would arrive at an iPhone (ex-China) est in the mid-60 mln range, slightly ahead of their current 61.3 mln est.