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《大行報告》摩通下調蘋果(AAPL.US)目標價至175美元 評級「增持」
阿思達克 02-03 16:06
摩根大通發表報告指,蘋果公司(AAPL.US)截至去年底止2023財年首季盈利罕見遜預期。這是由過多的不利因素導致,包括匯兌壓力、中國封城導致的供應限制,以及更廣泛的宏觀挑戰如通脹及東歐衝突等。該行指,集團對本季度指引反映消費硬件將有更深層次的下行週期,並且在很大程度上得到了主要智能手機芯片供應商高通(QCOM.US)較弱指引的證實。中國最近的確診數字飆升帶來的不利因素,促使公司對指引設定了較低的標準,不過,如果逆風比預期更早得到改善,集團則有上漲空間。由於較低的盈測,該行將目標價由180美元下調至175美元, 該行予集團股票「增持」評級,認爲iPhone和服務收入的前景相對於投資者的預期有利,加速收入增長的催化劑,以及預期約10%的盈利複合年增長率,令該股有上行空間。報告在業務和財務的幾個方面看到了投資者仍然低估的上行空間,即公司向服務的轉型、安裝基礎的增長、技術領先地位以及圍繞資本部署的可選性——所有這些共同引導該行預計兩位數的盈利增長和適度的估值重評。 該行提到,由於服務增長以及對產品週期有更好執行的預期,集團股價的市盈率在重新評級後達到接近30倍,預計投資者均願意重新喜好該股,受iPhone和服務的更可持續的長期驅動因素所推動,亦源於擁有更大的安裝基數、5G智能手機的更高份額以及更好的服務貨幣化。
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