Apple’s Q3 beats expectations, the ‘best is yet to come,’ BofA says

Apple posted a “modest beat” for fiscal Q324 revenue and earnings, supported by strength across most divisions, and projected Q4 gains in iPhone and service segments signal “the best is yet to come,” BofA Securities said Thursday in a note to clients.

MT Newswires:
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Results on from Q3 showed “growth accelerated in iPhone, iPad and wearables and across regions,” while guidance for the September quarter was “conservative,” BofA said.

“We see upside in iPhones/Services given the upcoming launch of iPhone 16 with Apple Intelligence,” BofA said. “We further see the potential for significant acceleration of units in the December quarter and overall in FY25 with the rollout of Apple Intelligence.”

BofA reiterated its buy rating on Apple, citing “potential for consensus estimates to be revised higher given multiyear iPhone upgrade cycle, tailwinds to gross margins and strong cash flows.”

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MacDailyNews Note: BofA also reiterated its $256 target price on Apple shares.
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[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]

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