《大行報告》德銀下調蘋果(AAPL.US)目標價至160美元 評級「買入」
德銀發表研究報告,預計蘋果(AAPL.US)的首季業績將達到或略高於預期。展望今年,該行對消費者支出更加謹慎,並正下調需求假設,將今年的每股盈測由6.5美元降至6.3美元,特別是對於第二季,將收入及每股盈測預估分別下調至900億美元及1.42美元,目標從170美元下調至160美元。由於該股現價相當於2024財年每股收益的約20倍,相信已大致反映市場預計的下調,而且當前水平的風險回報偏向正面,續維持「買入」評級。
該行認為,集團應受惠於更有利的外匯環境,這應有利於產品和服務業務,而這些積極因素至少應抵銷季內消費者支出疲弱的影響。由於持續的宏觀不確定性,該行預計集團不會為第二季提供收入指引,但相信公司將採取謹慎的態度並料收入增長進一步放緩。該行留意到持續謹慎的消費支出導致iPhone收入按年下降15%,按季則跌34%。儘管對收入增長更加謹慎,但考慮到外匯益處和通貨緊縮的商品成本,該行對集團的利潤率更加樂觀。總體而言,該行將第二季收入預測下調5%,每股盈測下調4%。
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