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Investing.com - BofA Securities maintained its Buy rating and $270.00 price target on Apple (NASDAQ:AAPL), currently trading at $247.77 and near its 52-week high of $260.10, in a research note released Monday. As tracked by InvestingPro, Apple maintains a strong financial health score and commands a market capitalization of $3.68 trillion.
The firm’s analysis of iPhone shipping dates across Apple’s website and various carrier platforms shows stable delivery timeframes for iPhone 17 Pro and Pro Max models over the past two weeks, as of October 13.
Globally, the average ship time currently stands at 13 days for the iPhone 17 Pro and 20 days for the iPhone 17 Pro Max, according to BofA’s tracking data.
In the United States, carrier websites show better availability than Apple’s own website, with the Pro model showing carrier average delivery times of 6 days versus Apple’s 2-3 weeks, while Pro Max models average 13 days at carriers compared to 2-3 weeks on Apple’s site.
BofA Securities cited "strong capital returns, eventual winner on AI at the edge and optionality from new products/markets" as key factors supporting its continued Buy recommendation on Apple stock. With the company’s next earnings report due on October 30, InvestingPro analysis indicates the stock is trading above its Fair Value, with a P/E ratio of 37.72. Discover more insights and 15 additional ProTips about Apple in the comprehensive Pro Research Report.
In other recent news, Apple has announced the launch of an upgraded Vision Pro headset featuring the new M5 chip, which enhances performance and display quality. The device will be available in stores starting October 22, with pre-orders already open in several countries, including the U.S., Canada, and parts of Europe and Asia. In addition, Apple is advocating for changes in India’s tax laws to support its manufacturing growth, aiming to address concerns over taxes on high-end iPhone manufacturing equipment. Apple’s iPhone Air will soon be available for pre-order in China, backed by regulatory approvals for eSIM services, with a starting price of 7,999 yuan. Meanwhile, UBS has maintained a Neutral rating on Apple, noting that iPhone demand may have peaked, as indicated by stable wait times for the Base model. In the global smartphone market, Samsung has retained its leadership position, with a 6.3% year-over-year increase in shipments, driven by strong sales of the Galaxy Z Fold 7 and Z Flip 7 models. These developments highlight significant movements in the tech industry, offering insights into Apple’s strategic initiatives and Samsung’s market performance.
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