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

By Brad FreemanApril 14, 2024Posted in Stock Insights

Third-Party Content. Provided for informational purposes only. Not investment advice or a recommendation to buy or sell any security. See disclosure here.

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.

Disclaimer: Third party content is provided for informational purposes only and should not be construed as an offer to sell or a solicitation of an offer to buy or sell any security. Third party content is not intended to serve as a recommendation to buy or sell any security and is not intended to serve as investment advice. Third party content creators are not affiliated with BBAE Holdings LLC, (“BBAE”) Redbridge Securities LLC (“Redbridge Securities”) or BBAE Advisors LLC (“BBAE Advisors”). All investments involve risk, including the possibility of total loss of principal. For additional important information, please click here.

Meet the Author

Brad Freeman

Stock Market Nerd, BBAE Contributor

Meet Brad Freeman, an independent financial analyst on the BBAE blog, and publisher of the popular StockMarketNerd newsletter. He's known for his thorough, candid takes on many of the most widely-held stocks’ earnings reports — and some less-known companies that Brad feels hold promise. When this University of Michigan finance grad isn't sharing his financial wisdom with his readers, he passionately supports his hometown Detroit sports teams. Keep an eye out for Brad's market analysis and insights.

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