Apple (AAPL) – Glowing Upgrade & More – April 13, 2024

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Apple (AAPL) – Glowing Upgrade & More – April 13, 2024

Apple (AAPL) caught a glowing upgrade from Bank of America on what it sees as significant gross profit margin upside due to things like input cost levers and premium product mix shift. That will drive earnings growth, if accurate. It raised its 2026 gross margin estimate from 45.9% to 47.5%, which compares to 46.2% consensus. This meshes well with IQE news commentary on a strong 2024 orderbook. IQE is an Apple supplier. 

  • And in more semiconductor-related news, Apple plans to release a new Mac line with its newest M4 processors. These are expected to drive significantly more GenAI utility.
  • Bloomberg reported that Apple’s iPhone production in India doubled Y/Y in 2023 as it tries to diminish Chinese manufacturing reliance.
  • Chinese iPhone demand remains challenging, per Wedbush channel checks.

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