- The shares of Apple Inc (NASDAQ: AAPL) have received a price target increase from $175 to $180 from Evercore. These are the details.
The shares of Apple Inc (NASDAQ: AAPL) have received a price target increase from $175 to $180 from Evercore. And Evercore analyst Amit Daryanani is maintaining an “Outperform” rating on the company shares.
Daryanani cited another blow-out print at Apple on the quarterly earnings and revenue. And Daryanani also pointed out Apple’s impressive 36% top-line growth was driven by the performance of iPhones and Services.
As a result, Apple has a trifecta of levers in place in order for Apple to keep growing and climb higher. This includes the iPhone 5G cycle, the monetization of the installed base across service and wearables, and improved profitability and free cash flow as gross margins remain high.
Apple had announced financial results for its fiscal 2021 third quarter ended June 26, 2021 yesterday. Apple had posted a June quarter record revenue of $81.4 billion, up 36% year over year and quarterly earnings per diluted share of $1.30.
“Our record June quarter operating performance included new revenue records in each of our geographic segments, double-digit growth in each of our product categories, and a new all-time high for our installed base of active devices,” said Apple CFO Luca Maestri in a statement. “We generated $21 billion of operating cash flow, returned nearly $29 billion to our shareholders during the quarter, and continued to make significant investments across our business to support our long-term growth plans.”
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