Oppenheimer: We Expect Strong December Results And March Guidance For Apple

Oppenheimer analyst Andrew Uerkwitz weighed in with some forecasts on Apple (NASDAQ:AAPL), as the company will report first fiscal quarter results on Tuesday, January 27, 2015. The analyst rates the stock an Outperform with a $130 price target, which represents a potential upside of 19% from where the stock is currently trading.

Uerkwitz wrote, “We believe for the near term (C4Q14 and C1Q15), consensus estimates have underestimated robust iPhone 6 sales and their impact to EPS. For the midterm, we believe AAPL’s broadening product portfolio and strengthening ecosystem will drive another strong year of replacement and market share gain for iPhone 6’s successor in 2015.”

The analyst added, “We believe the Street has not accounted for enough ASP upside and unit growth for coming quarters. We anticipate higher volatility after AAPL reports its C4Q14, when analysts attempt to “call the top” based on the belief that momentum of iPhone 6 sales will be fully “priced in”; we believe the opposite.”

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