Bernstein reiterates the Outperform rating and the 370-dollar price target for Apple, but warns that rising costs for memory chips could pressure gross margin and earnings during the December quarter. This is reported by Investing.com, which has reviewed the analysis.
The research house lowers its forecast for earnings per share in the first fiscal quarter to 2.87 from 3.00 dollars, 2 percent below consensus. Apple’s total gross margin is expected to be 46.2 percent, compared with consensus, while higher international prices are partly expected to offset increased costs for DRAM and NAND memory.
