Analyst Cools on Apple Watch and iPad Sales, but Sees Huge iPhone Gains

24/7 Wall St.

Apple WatchHow much do investors value the upcoming Apple Watch and the iPad, compared with the strength of the iPhone upgrade cycle? This remains up for debate, but Bank of America Merrill Lynch has issued a very mixed product report for Apple Inc. (NASDAQ: AAPL). The firm did maintain its Buy rating and the $140 price target in the call. Where the mixed nature of the call comes into play is around the iPad — and the Apple Watch.

The first issue is that Merrill Lynch’s iPhone momentum remains strong. The firm’s channel checks over the past week in Asia suggested that the near-term momentum of the iPhone supply chain remains strong. The firm also raised its near-term iPhone estimates for the first calendar quarter to 60 million units from 54 million units. The calendar second quarter saw estimates raised to 45 million from 42 million, and the third quarter was…

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