Apple stock added to Evercore's 'Tactical Outperform' list - MacDailyNews

Oct 15, 2024

Evercore ISI analyst Amit Daryanani on Sunday added Apple stock to his firm’s “tactical outperform” list, saying the company is “well positioned to outperform against low expectations” for the September quarter and with its guidance for the current quarter. Apple will report fiscal Q424 earnings after the closing bell on October 31st.

Patrick Seitz for Investor’s Business Daily: ‎

Bearish investors are focused on Apple’s challenges in the Chinese smartphone market, where domestic brands like Huawei are gaining ground, he said.

But those concerns are overstated, Daryanani said. Plus, Apple should be able to offset any market share losses in China with growth in developing markets and the U.S., he said.

“The staggered rollout of AI should also result in a stronger-for-longer iPhone upgrade cycle as the release of new features and new geographies should drive strong word-of-mouth advertising,” he said.

Meanwhile, Apple’s wearables and services businesses should provide a boost for the company’s top and bottom lines, he said.

‎MacDailyNews Note: Evercore rates Apple as “Outperform,” or buy, with a price target of $250.

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[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]