Apple: Thoughts into earnings -- Needham
Needham notes AAPL will report FY1Q17 results on Tuesday, January 31st, 2017 after the close of the market and mgmt will host a conference call to discuss results at 5pm ET to discuss results. For 1Q17E, firm ests rev to $77.5B (up 2% y/y), Operating Income of $22.86B (down 5% y/y), and EPS of $3.22 (down 2% y/y). For the full year, FY17, they now project rev of $228.1B (up 6% y/y and 1% above previous ests), and EPS of $8.98 (up 8% y/y and 0.3% below previous ests). AAPL is their top stock pick for 2017, and firm maintains Strong Buy and $150 Target Price. Sales by product: iPhone -- revs of $53.04 bln, 78.1 mln units; iPad -- revs of $6.7 bln, 14.85 mln units; Mac -- revs of $6.45 bln, 5.25 mln units.