FMP
May 20, 2024 12:49 PM - Davit Kirakosyan
UBS analysts, focusing on iPhone demand, reported this week that data suggests a flat iPhone cycle for Apple (NASDAQ:AAPL). Prior to and following Apple's recent quarterly earnings report, the market began to anticipate a recovery in iPhone unit demand, spurred by enthusiasm around AI as a positive factor. UBS noted that the market expects AI capabilities and functionalities announced at WWDC in June to drive a refresh cycle. This shifted sentiment from cautious in early April to much more optimistic by mid-May.
Despite this improved sentiment, UBS's supply chain checks, including iPhone build rates, along with an analysis of Apple's inventory and manufacturing purchase obligations, indicate a prolonged challenging demand environment and a subdued cycle. Recent checks suggest iPhone procurement for 2024 to be between 218-227 million units, slightly up from 2023 but below the build rates of 2021 and 2022.
Additionally, by the end of March 2024, Apple's inventory and MPOs were $40.4 billion, down 16% year-over-year, or about 14% of the projected next 12-month Product revenue estimate.
Therefore, UBS forecasts iPhone revenue to increase by 4% in the September and December quarters combined (compared to the consensus of 2% growth). However, they believe a strong iPhone 16 cycle is unlikely despite the AI enthusiasm leading up to WWDC.
Jan 16, 2024 4:18 PM - Samuel Abdelshahid
In the hustle and bustle of the trading world, having a trustworthy laptop is like having a reliable partner by your side. Making well-informed decisions and staying ahead of market trends become second nature with the right device. However, the quest for a budget-friendly trading laptop t...
Jan 21, 2024 4:00 AM - Parth Sanghvi
Introduction: In the world of financial analysis, a profound grasp of essential profitability metrics is vital. This blog delves into three pivotal metrics—ROE (Return on Equity), ROA (Return on Assets), and Net Profit Margin—offering clear insights without unnecessary complexity. Exploring RO...
May 14, 2024 11:41 AM - Sanzhi Kobzhan
A stock's target price, also known as its fair value, is an indication of what a share can cost based on the company’s forecasted financial statements. It is important to know a stock's fair value to find undervalued stocks with great growth potential. Let's consider how investment analysts calculat...