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Determining the future of Apple (NASDAQ:AAPL) is getting more and more difficult as the tech company pushes into new markets and diversifies (read: complicates) its supply chain, some analysts say. However, CNBC’s “Fast Money” trader Toni Sacconaghi of Sanford Bernstein is betting that Apple’s quarterly earnings, to be released later this afternoon, will exceed expectations. His price target for the stock is $750, with a rating of “Outperform.”
“Fifty-two million iPhones or above would be considered a blow-out, and that would be very favorably viewed,” he says, advising investors to especially keep an eye on the company’s gross margins and iPhone sales numbers. “I think 46 or less would certainly be considered disappointing, and then it’s kind of your call on where it comes in between that range.”
“Sentiment is extremely powerful,” Sacconaghi said on Tuesday, observing that reports of iPhone component order cuts were influencing investors’ perspectives of the stock. ”The fear of numbers going down is what’s making this shareholder base at Apple want to sell the stock.”
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