Apple earnings ‘to serve as a clearing event’ – Morgan Stanley

Ahead of Apple’s Q124 earnings release on February 1st, Morgan Stanley analyst Erik Woodring said the investment firm expects the release “to serve as a clearing event.”
Sam Boughedda for StreetInsider:
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This will allow investors to refocus on the FY25 ‘Edge AI’ opportunity and margin/Services resilience, according to the analyst who maintained an Overweight rating and $220 price target on the iPhone maker’s shares.
The bank expects AAPL to beat the December quarter consensus revenue and EPS estimates, driven by iPhone and Services. They now forecast $119 billion of revenue and $2.13 of EPS (1-2% ahead of Street expectations).
“However, we expect March quarter revenue guidance closer to MSe of $93B vs. Consensus at $96B (more in-line with buyside at $91-94B), and EPS of $1.54,” wrote Woodring.

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MacDailyNews Note: Apple will release its Q124 (holiday quarter) results on Thursday, February 1, 2024 just after market close (right around 1:30pm PT / 4:30pm ET) and, following that, the company’s conference call to discuss first fiscal quarter results and business updates will take place at 2:00pm PT / 5:00pm ET.
As always, we’ll post the results as soon as they are released and we’ll cover Apple’s conference call with live notes.
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