Jim Cramer on Why He's Not Looking Forward to Apple's Event

Credit: The Street
Published on March 21, 2019 - Duration: 00:35s

Jim Cramer on Why He's Not Looking Forward to Apple's Event

Three analysts upgraded for Apple Thursday ahead of its much-anticipated launch event next week in Cupertino.

Citigroup boosted its price target on Apple by $50 to $220 per share with analyst Jim Suva expecting a dividend increase and a $100 billion increase in the company's share buyback plans when it reports second quarter earnings next month.

Needham analysts upgraded Apple to "strong buy", with Laura Martin lifting her price target by $45 to $225 and arguing the company is "most likely to prevail in a direct competition between FAANG ecosystems." "The March 25th event holds significance; however, less so relative to any major surprises as part of the launch of video services, but more so relative to creation of another Services growth driver.

With an abundance of predictions on the announcement already widely publicized in the press, we believe the event itself will not be a catalyst," JP Morgan's Samik Chatterjee said.

"However, as we look at the opportunity for the announcement to make a material impact on earnings in the future, we are primarily focused on longterm drivers that could set up the video service to establish itself as a strong competitor to Netflix over time." Related.

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