Evercore: Apple ‘well positioned to report upside’ on October 30th

Apple shares surged after Evercore ISI added the stock to its Tactical Outperform List, driven by robust iPhone demand and accelerating Services growth. The firm noted that Apple is poised to exceed September-quarter consensus expectations and may provide optimistic guidance for the December quarter.
Sam Boughedda for Investing.com:
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Evercore ISI said it believes Apple “is well positioned to report upside to current Sep-qtr consensus expectations and could guide to upside for the Dec-qtr.”
The firm said its “positive bias is driven by iPhone data points that suggest this may be more than the average iPhone refresh cycle,” noting that “lead times for the base iPhone 17 are above last year’s October levels.”
Survey data also supported optimism, with “a higher-than-average number of respondents indicating that they plan to purchase a new iPhone this year.”
Looking ahead, Evercore ISI said Apple could guide ahead of street expectations, which currently suggest quarter-on-quarter growth of 28.3% versus typical seasonality of 43%.

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MacDailyNews Take: Evercore reiterated its “Outperform” (Buy) rating and $290 price target.

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