Apple to profit from iPhone 14 Professional power, Credit score Suisse says (NASDAQ:AAPL)

Apple (NASDAQ:AAPL) is slated to report fiscal fourth-quarter outcomes on October twenty seventh and the tech big is prone to profit from power in its iPhone 14 Professional and iPhone 14 Professional Max fashions, Credit score Suisse stated.

Analyst Shannon Cross, who has an outperform ranking on Apple (AAPL), raised her income and earnings per share estimates by 1% on continued robust gross sales of the high-end fashions. She now expects Apple (AAPL) to generate $89.68B in income and $1.30 a share, up from a previous estimate of $88.7B and $1.26 a share.

Cross famous that though Apple (AAPL) raised the value of its gadgets in lots of international locations, maybe to account for risky currencies, it didn’t achieve this in China. Cross stated this was probably not executed so as to “higher retain demand in a market weighted to flagship iPhone fashions.”

In Japan, Apple (AAPL) raised the iPhone 14 common promoting value by roughly 22%, whereas the common promoting value of the iPhone elevated roughly 15% in Europe.

Cross additionally famous that though Mac, iPad, wearable, and residential and equipment provides had been constrained within the third quarter, it is doable that provide chains improved, notably serving to the Mac.

Cross highlighted latest knowledge from analysis agency IDC, which stated that Apple (AAPL) gained roughly six factors of market share within the third quarter, to achieve 13.5% of the PC market.

Regardless of the anticipated power in its fiscal fourth quarter, Cross doesn’t count on that to proceed for for much longer. She lowered her estimates for the 2023 and 2024 fiscal years to account for a “weaker shopper backdrop.”

On Thursday, Apple (AAPL) launched a high-yield financial savings account with Goldman Sachs (GS) as its banking associate.