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2021-03-17
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New price target has been raised by AAPL is alr a mature company
Why One Analyst Thinks Apple Shares Still Look Cheap<blockquote>为什么一位分析师认为苹果股票看起来仍然很便宜</blockquote>
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New price target has been raised by AAPL is alr a mature company","highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/324398952","repostId":1128610365,"repostType":4,"repost":{"id":"1128610365","kind":"news","pubTimestamp":1615958862,"share":"https://www.laohu8.com/m/news/1128610365?lang=zh_CN&edition=full","pubTime":"2021-03-17 13:27","market":"us","language":"en","title":"Why One Analyst Thinks Apple Shares Still Look Cheap<blockquote>为什么一位分析师认为苹果股票看起来仍然很便宜</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1128610365","media":"Barrons","summary":"Apple shares are getting a boost Tuesday from Evercore ISI analyst Amit Daryanani, who repeated his ","content":"<p>Apple shares are getting a boost Tuesday from Evercore ISI analyst Amit Daryanani, who repeated his Outperform rating on the stock while lifting his price target to $175 from $163.</p><p><blockquote>Evercore ISI 分析师 Amit Daryanani 周二提振了苹果股价，他重申了该股跑赢大盘的评级，同时将目标价从 163 美元上调至 175 美元。</blockquote></p><p> In an exhaustive 126-page report, Daryanani asserts that Apple (ticker: AAPL) “remains positioned to sustain mid-single digit sales and mid-teens total return over the next several years.”</p><p><blockquote>在一份长达 126 页的详尽报告中，达里亚纳尼断言，苹果（股票代码：AAPL） “在未来几年内仍将保持个位数中位数的销售额和十几位左右的总回报率”。</blockquote></p><p> The analyst notes that Apple shares had a strong year in 2020, rallying 81%—five times the return of theS&P 500—creating concerns about the stock’s potential for 2021, in particular as the iPhone 12 cycle plays out. But he thinks the concern is misplaced.</p><p><blockquote>这位分析师指出，苹果股价在 2020 年表现强劲，上涨了 81%，是标准普尔 500 指数回报率的五倍，这引发了人们对该股 2021 年潜力的担忧，尤其是随着 iPhone 12 周期的展开。但他认为这种担忧是错误的。</blockquote></p><p> Daryanani projects Apple can reach more than $7 a share in profits by the September 2025 fiscal year, up from a Wall Street analyst consensus view of $4.45 a share for fiscal 2021—driven by a combination of better monetization of the installed base with services and wearables, gross margin expansion, stock buybacks, and new products.</p><p><blockquote>Daryanani 预计，到 2025 年 9 月财年，苹果的每股利润可能达到 7 美元以上，高于华尔街分析师对 2021 财年每股 4.45 美元的普遍看法——这是由服务和可穿戴设备的安装基础更好的货币化、毛利率扩张、股票回购和新产品。</blockquote></p><p> Apple has a path to $100 billion in revenue from services by fiscal 2025, he argues, driving margin expansion and smoothing out the more cyclical hardware business.Apple had fiscal-2020 services revenue of about $54 billion.</p><p><blockquote>他认为，到 2025 财年，苹果的服务收入有望达到 1000 亿美元，从而推动利润率扩张并平滑周期性更强的硬件业务。苹果 2020 财年的服务收入约为 540 亿美元。</blockquote></p><p> Daryanani thinks the wearables business can expand to $70 billion, up from $31 billion in fiscal 2020, given relatively low penetration of Apple Watch and AirPods among iPhone users.</p><p><blockquote>Daryanani认为，鉴于苹果手表和AirPods在iPhone用户中的渗透率相对较低，可穿戴设备业务可以从2020财年的310亿美元扩大到700亿美元。</blockquote></p><p> The Evercore analyst sees four important potential new sources of growth in healthcare, advertising, cars, and augmented and virtual reality.</p><p><blockquote>Evercore 分析师认为医疗保健、广告、汽车以及增强和虚拟现实有四个重要的潜在新增长来源。</blockquote></p><p> Not least, he thinks Apple will buy back close to $500 billion more of its stock through fiscal 2025—close to 25% of the company’s current market valuation. He notes that Apple has repurchased $253 billion of stock since it announced an intention to reach a net neutral cash position—about 94% of free cash flow. Given the company’s interest in reducing its cash position, he sees the pace of buybacks accelerating to 112% of free cash flow.</p><p><blockquote>更重要的是，他认为苹果将在 2025 财年之前再回购近 5000 亿美元的股票，接近公司当前市场估值的 25%。他指出，自苹果宣布打算实现净中性现金头寸（约占自由现金流的 94%）以来，该公司已回购了 2530 亿美元的股票。鉴于公司有意减少现金头寸，他认为回购步伐将加快至自由现金流的 112%。</blockquote></p><p> Daryanani asserts that looking at historical valuations isn’t the best method for valuing Apple shares as the story shifts more to services and capital allocation. “While the rapid rerating has led to calls that Apple is overvalued, we think a multiple in the mid-to-high 30s will be the new normal as investors come to appreciate Apple’s ability to monetize its install base while continuing to release category-defining products and services,” he writes.</p><p><blockquote>Daryanani断言，随着故事更多地转向服务和资本配置，查看历史估值并不是对苹果股票进行估值的最佳方法。“他写道：”虽然快速的重新评级导致评级认为苹果被高估了，但我们认为，随着投资者逐渐认识到苹果有能力将其安装基础货币化，同时继续发布定义品类的产品和服务，30 多倍的市盈率将成为新常态。</blockquote></p><p> His view is that the stock should trade like a consumer-goods company—and that it makes more sense to value the business as a multiple of free cash flow rather than earnings. On that basis, Daryanani writes, the stock trades at a “notable discount” to both consumer-goods companies like Coca-Cola(KO) and PepsiCo(PEP), and luxury-goods companies like LVMH(MC.France),Hermès International(RMS.France), and Estee Lauder(EL). </p><p><blockquote>他的观点是，该股票的交易应该像消费品公司一样——而且将业务估值为自由现金流的倍数而不是收益更有意义。达里亚纳尼写道，在此基础上，与可口可乐（KO）和百事可乐（PEP）等消费品公司以及路威酩轩（MC.France）、爱马仕国际（RMS.France）和雅诗兰黛（EL）等奢侈品公司相比，该股的交易价格都有 “明显的折扣”。</blockquote></p><p> Apple shares are up 1.3%, at $125.57, in recent trading. </p><p><blockquote>苹果股价在最近的交易中上涨 1.3%，至 125.57 美元。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why One Analyst Thinks Apple Shares Still Look Cheap<blockquote>为什么一位分析师认为苹果股票看起来仍然很便宜</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy One Analyst Thinks Apple Shares Still Look Cheap<blockquote>为什么一位分析师认为苹果股票看起来仍然很便宜</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-03-17 13:27</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Apple shares are getting a boost Tuesday from Evercore ISI analyst Amit Daryanani, who repeated his Outperform rating on the stock while lifting his price target to $175 from $163.</p><p><blockquote>Evercore ISI 分析师 Amit Daryanani 周二提振了苹果股价，他重申了该股跑赢大盘的评级，同时将目标价从 163 美元上调至 175 美元。</blockquote></p><p> In an exhaustive 126-page report, Daryanani asserts that Apple (ticker: AAPL) “remains positioned to sustain mid-single digit sales and mid-teens total return over the next several years.”</p><p><blockquote>在一份长达 126 页的详尽报告中，达里亚纳尼断言，苹果（股票代码：AAPL） “在未来几年内仍将保持个位数中位数的销售额和十几位左右的总回报率”。</blockquote></p><p> The analyst notes that Apple shares had a strong year in 2020, rallying 81%—five times the return of theS&P 500—creating concerns about the stock’s potential for 2021, in particular as the iPhone 12 cycle plays out. But he thinks the concern is misplaced.</p><p><blockquote>这位分析师指出，苹果股价在 2020 年表现强劲，上涨了 81%，是标准普尔 500 指数回报率的五倍，这引发了人们对该股 2021 年潜力的担忧，尤其是随着 iPhone 12 周期的展开。但他认为这种担忧是错误的。</blockquote></p><p> Daryanani projects Apple can reach more than $7 a share in profits by the September 2025 fiscal year, up from a Wall Street analyst consensus view of $4.45 a share for fiscal 2021—driven by a combination of better monetization of the installed base with services and wearables, gross margin expansion, stock buybacks, and new products.</p><p><blockquote>Daryanani 预计，到 2025 年 9 月财年，苹果的每股利润可能达到 7 美元以上，高于华尔街分析师对 2021 财年每股 4.45 美元的普遍看法——这是由服务和可穿戴设备的安装基础更好的货币化、毛利率扩张、股票回购和新产品。</blockquote></p><p> Apple has a path to $100 billion in revenue from services by fiscal 2025, he argues, driving margin expansion and smoothing out the more cyclical hardware business.Apple had fiscal-2020 services revenue of about $54 billion.</p><p><blockquote>他认为，到 2025 财年，苹果的服务收入有望达到 1000 亿美元，从而推动利润率扩张并平滑周期性更强的硬件业务。苹果 2020 财年的服务收入约为 540 亿美元。</blockquote></p><p> Daryanani thinks the wearables business can expand to $70 billion, up from $31 billion in fiscal 2020, given relatively low penetration of Apple Watch and AirPods among iPhone users.</p><p><blockquote>Daryanani认为，鉴于苹果手表和AirPods在iPhone用户中的渗透率相对较低，可穿戴设备业务可以从2020财年的310亿美元扩大到700亿美元。</blockquote></p><p> The Evercore analyst sees four important potential new sources of growth in healthcare, advertising, cars, and augmented and virtual reality.</p><p><blockquote>Evercore 分析师认为医疗保健、广告、汽车以及增强和虚拟现实有四个重要的潜在新增长来源。</blockquote></p><p> Not least, he thinks Apple will buy back close to $500 billion more of its stock through fiscal 2025—close to 25% of the company’s current market valuation. He notes that Apple has repurchased $253 billion of stock since it announced an intention to reach a net neutral cash position—about 94% of free cash flow. Given the company’s interest in reducing its cash position, he sees the pace of buybacks accelerating to 112% of free cash flow.</p><p><blockquote>更重要的是，他认为苹果将在 2025 财年之前再回购近 5000 亿美元的股票，接近公司当前市场估值的 25%。他指出，自苹果宣布打算实现净中性现金头寸（约占自由现金流的 94%）以来，该公司已回购了 2530 亿美元的股票。鉴于公司有意减少现金头寸，他认为回购步伐将加快至自由现金流的 112%。</blockquote></p><p> Daryanani asserts that looking at historical valuations isn’t the best method for valuing Apple shares as the story shifts more to services and capital allocation. “While the rapid rerating has led to calls that Apple is overvalued, we think a multiple in the mid-to-high 30s will be the new normal as investors come to appreciate Apple’s ability to monetize its install base while continuing to release category-defining products and services,” he writes.</p><p><blockquote>Daryanani断言，随着故事更多地转向服务和资本配置，查看历史估值并不是对苹果股票进行估值的最佳方法。“他写道：”虽然快速的重新评级导致评级认为苹果被高估了，但我们认为，随着投资者逐渐认识到苹果有能力将其安装基础货币化，同时继续发布定义品类的产品和服务，30 多倍的市盈率将成为新常态。</blockquote></p><p> His view is that the stock should trade like a consumer-goods company—and that it makes more sense to value the business as a multiple of free cash flow rather than earnings. On that basis, Daryanani writes, the stock trades at a “notable discount” to both consumer-goods companies like Coca-Cola(KO) and PepsiCo(PEP), and luxury-goods companies like LVMH(MC.France),Hermès International(RMS.France), and Estee Lauder(EL). </p><p><blockquote>他的观点是，该股票的交易应该像消费品公司一样——而且将业务估值为自由现金流的倍数而不是收益更有意义。达里亚纳尼写道，在此基础上，与可口可乐（KO）和百事可乐（PEP）等消费品公司以及路威酩轩（MC.France）、爱马仕国际（RMS.France）和雅诗兰黛（EL）等奢侈品公司相比，该股的交易价格都有 “明显的折扣”。</blockquote></p><p> Apple shares are up 1.3%, at $125.57, in recent trading. </p><p><blockquote>苹果股价在最近的交易中上涨 1.3%，至 125.57 美元。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/why-one-analyst-thinks-apple-shares-still-look-cheap-51615912098?mod=hp_DAY_14\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/why-one-analyst-thinks-apple-shares-still-look-cheap-51615912098?mod=hp_DAY_14","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128610365","content_text":"Apple shares are getting a boost Tuesday from Evercore ISI analyst Amit Daryanani, who repeated his Outperform rating on the stock while lifting his price target to $175 from $163.\nIn an exhaustive 126-page report, Daryanani asserts that Apple (ticker: AAPL) “remains positioned to sustain mid-single digit sales and mid-teens total return over the next several years.”\nThe analyst notes that Apple shares had a strong year in 2020, rallying 81%—five times the return of theS&P 500—creating concerns about the stock’s potential for 2021, in particular as the iPhone 12 cycle plays out. But he thinks the concern is misplaced.\nDaryanani projects Apple can reach more than $7 a share in profits by the September 2025 fiscal year, up from a Wall Street analyst consensus view of $4.45 a share for fiscal 2021—driven by a combination of better monetization of the installed base with services and wearables, gross margin expansion, stock buybacks, and new products.\nApple has a path to $100 billion in revenue from services by fiscal 2025, he argues, driving margin expansion and smoothing out the more cyclical hardware business.Apple had fiscal-2020 services revenue of about $54 billion.\nDaryanani thinks the wearables business can expand to $70 billion, up from $31 billion in fiscal 2020, given relatively low penetration of Apple Watch and AirPods among iPhone users.\nThe Evercore analyst sees four important potential new sources of growth in healthcare, advertising, cars, and augmented and virtual reality.\nNot least, he thinks Apple will buy back close to $500 billion more of its stock through fiscal 2025—close to 25% of the company’s current market valuation. He notes that Apple has repurchased $253 billion of stock since it announced an intention to reach a net neutral cash position—about 94% of free cash flow. Given the company’s interest in reducing its cash position, he sees the pace of buybacks accelerating to 112% of free cash flow.\nDaryanani asserts that looking at historical valuations isn’t the best method for valuing Apple shares as the story shifts more to services and capital allocation. “While the rapid rerating has led to calls that Apple is overvalued, we think a multiple in the mid-to-high 30s will be the new normal as investors come to appreciate Apple’s ability to monetize its install base while continuing to release category-defining products and services,” he writes.\nHis view is that the stock should trade like a consumer-goods company—and that it makes more sense to value the business as a multiple of free cash flow rather than earnings. On that basis, Daryanani writes, the stock trades at a “notable discount” to both consumer-goods companies like Coca-Cola(KO) and PepsiCo(PEP), and luxury-goods companies like LVMH(MC.France),Hermès International(RMS.France), and Estee Lauder(EL). \nApple shares are up 1.3%, at $125.57, in recent trading.","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":675,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":67,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/324398952"}
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