While revenue and profit for 1HFY2022 beat forecasts, Apple Inc is hit by bottlenecks due supply constraints, says PhillipCapital.
In a May 4 note, PhillipCapital analyst Timothy Ang is maintaining “buy” on Apple with an unchanged target price of US$214.00 ($297.63).
“1HFY2022 revenue and PATMI were ahead of our FY2022F forecasts at 56% and 60% respectively. Demand remains robust for iPhone, Mac and Services despite concerns of softening consumer confidence. Gross margins beat estimates, demonstrating Apple’s ability to pass on higher costs,” writes Ang.