Apple shares were at last check were 0.7% higher at $115.88.
Here is what Wall Street is saying about Apple ahead of its earnings release.
Deutsche Bank (Reiterates Buy Rating, $140 PT)
We expect a solid Sept-quarter report from AAPL, but see investors overlooking any recent strength/weakness and focusing on the December quarter given the recent iPhone release and impact on guidance and the March quarter beyond, as this is the first time that all new iPhone products are a month or more delayed.
Long term we continue to believe that AAPL is the best name to own in the IT hardware landscape, outweighing our worries regarding the large year-to-date rise and subsequent valuation expansion.
- Jeriel Ong
JPMorgan (Reiterates Overweight Rating, $150 PT)
Relative to the near term, we envision limited near-term upside on iPhone volume estimates. [But we] would not rule out upside in the upcoming quarter through sustained tailwinds from work-from-home/e-learning trends as well as wearables sales; although, in entirety still only driving modest upside relative to recent quarters.
With regard to implications on the 5G cycle from the upcoming print, the focus will be on guidance, which we forecast to track above expectations despite understandable cautiousness driven by the limited visibility into sales velocity for the yet to launch iPhone 12 Pro Max and 12 mini.
RBC Capital (Reiterates Outperform Rating, $132 PT)
In our inaugural edition, we surveyed over 800 Apple and Android (GOOGL) - Get Report users in the U.S. regarding their device usage and buying intentions. We believe the results bode well for AAPL's newly released 5Genabled phones, which we expect will kick off a multiyear upgrade cycle. Fitness+ interest also exceeded our expectations and we view the service as a potentially underappreciated piece of the story.
- Robert Muller