Apple is on track to outperform Wall Street’s fourth fiscal quarter expectations and quarterly revenue records, with JP Morgan forecasting $90 billion in revenue for the company.
JP Morgan analysts forecast $90 billion in revenue for Apple in a note to investors obtained by AppleInsider. This is higher than the current Wall Street consensus of $88.6 billion for the quarter. In the fiscal fourth quarter of 2021, Apple earned $83.4 billion.
JP Morgan anticipates earnings per share of $1.31, compared to the consensus of $1.26 for the same time period.
According to the report released on Wednesday, Apple will ship 55 million iPhones in the fiscal quarter, up from the consensus of 52 million. It’s difficult to compare this to iPhone 13 shipments in 2021 because the device’s release cycle was later, and the majority of the early sales surge occurred outside of the quarter.
The forecast predicts 8% revenue growth year over year, boosted by Apple shipping the iPhone 14 series earlier in September than the iPhone 13.
According to a report published on October 2, the iPhone 14 Pro models are still in high demand. The average delivery time for the iPhone 14, Pro, and Pro Max across all regions is two days, 33 days, and 40 days, respectively.
Since its release on October 7, the iPhone 14 Plus has had a six-day lead time in the United States. The iPhone 14 has a shorter lead time than the iPhone 13, while the Pro models are about the same.
JP Morgan rates Apple stock as overweight, which means they believe it is worth purchasing because it has outperformed broader technology stocks and the S&P 500 index year to date.
The firm set its price target for AAPL stock at $200 in April 2022, and that hasn’t changed in this latest investor note.