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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Apple Inc.    AAPL


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Apple Event : iPhone 12 Expected With 5G Capabilities -- Update

10/13/2020 | 01:33pm EST

By Tim Higgins

Apple Inc. kicked off a virtual event Tuesday where it is expected to reveal its latest iPhone, a device capable of connecting to a much faster 5G cellular network, which investors are betting will spur strong demand.

Chief Executive Tim Cook stood at the company's Cupertino, Calif., headquarters to begin the webcast, available on Apple's website -- a visual reminder of how different this year's flagship product introduction is compared with previous ones because of the coronavirus pandemic that closed businesses and left people sheltering at homes around the world.

The company turned first to introducing its lineup of speakers, revealing an updated HomePod that is smaller than its previous version.

Apple began selling the HomePod speaker in early 2018 after unspecified delays pushed back the rollout following its 2017 debut. The voice-activated device was Apple's attempt to catch up with the success of Amazon.com Inc. and its smart speakers in late 2014, though when the HomePod debuted at $349 it was considerably more expensive than its rivals. To make the case for a pricier offering, Apple has previously emphasized its sound quality, especially when it comes to music. The device's price has fallen since it first went on the market.

Apple's latest smartphone arrives five years after iPhone unit sales peaked. Mr. Cook has pushed the company to sell pricier versions of the device and to rely on software services and wearables, such as smartwatches and headphones, to boost revenue.

The iPhone 12 is hotly anticipated by investors who have driven up the company's shares 69% in 2020, partly because of excitement over the new phone. Those expectations and Apple's success in driving up services revenue helped it become the first U.S. public company to eclipse $2 trillion in market value earlier this year.

Analysts surveyed by FactSet, on average, predict iPhone revenue will rise 15% to $160 billion in the fiscal year that began Oct. 1. That is about $6 billion shy of the record set in fiscal 2018, when the $1,000 iPhone X helped bolster sales even as shipments failed to reach a new high.

Katy Huberty, a veteran Apple analyst for Morgan Stanley, last week predicted the company could ship as many as 240 million iPhones this year, helped by customers who haven't upgraded in several years and excitement for 5G. That would set a record, beating the 231 million devices sold in fiscal 2015. Sales at that level could send the company's shares up 37% from Monday's close to a market value of almost $2.9 trillion, she said.

"We expect this fall's launch to be the most significant iPhone event in years," she wrote in a note to investors.

Apple is expected to offer several versions, including with three differently size screens ranging from 5.4 inches to 6.7 inches.

In recent years, Mr. Cook has been stretching the iPhone lineup to appeal to an array of pocketbooks. The iPhone 11 Pro Max, with the largest 6.5-inch screen, for example, started at $1,099, while the high-end smaller Pro version with the 5.8-inch screen started at $999. The iPhone 11 with a 6.1-inch screen and fewer photography capabilities than higher-end models began at $699. A second-generation iPhone SE with a 4.7-inch screen was unveiled earlier this year and starts at $399.

Some analysts, however, are skeptical that customers will flock to a 5G phone without a must-have application or service to help them see the appeal of the new technology. U.S. cellular networks are still being upgraded, and service might be disappointing in some spots for early adopters.

It is also uncertain how the coronavirus will affect sales of the new devices. The pandemic delayed production of the flagship phone earlier this year, which led Tuesday's unveiling to be rescheduled from its traditional September date.

Mr. Cook will appear publicly for the first time since a Democratic-led House subcommittee last week issued a report claiming Apple uses its control over software on its devices in an anticompetitive manner. Apple has rejected the report's conclusions and said it doesn't have a dominant market share in any area.

Write to Tim Higgins at Tim.Higgins@WSJ.com

(END) Dow Jones Newswires

10-13-20 1332ET

Stocks mentioned in the article
ChangeLast1st jan.
APPLE INC. -0.55% 122.57 Delayed Quote.67.17%
MORGAN STANLEY 0.45% 64.128 Delayed Quote.25.23%
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Financials (USD)
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Net income 2021 66 259 M - -
Net cash 2021 80 862 M - -
P/E ratio 2021 31,1x
Yield 2021 0,69%
Capitalization 2 093 B 2 093 B -
EV / Sales 2021 6,38x
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Nbr of Employees 147 000
Free-Float 99,9%
Duration : Period :
Apple Inc. Technical Analysis Chart | AAPL | US0378331005 | MarketScreener
Technical analysis trends APPLE INC.
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Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 43
Average target price 127,20 $
Last Close Price 123,08 $
Spread / Highest target 21,9%
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Arthur D. Levinson Chairman
Jeffrey E. Williams Chief Operating Officer
Luca Maestri Chief Financial Officer & Senior Vice President
Kevin M. Lynch Vice President-Technology
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