Apple is trading up modestly in Wednesday’s session after reporting Q3 earnings and guidance that beat consensus expectations. However, a pair of Wall Street firms remain unconvinced that Apple has much upside in the near-term. Here’s what they had to say.
Analyst Sherri Scribner sees both positive and negative takeaways from Apple’s quarter. The bad news is that iPhone sales numbers in Q3 were “a bit of a disappointment.” However, the good news for Apple bulls is that the company’s new guidance implies iPhone unit growth in Q4. In addition, Scribner notes that Q3 gross margins were also a pleasant surprise.
Cowen & Co
At Cowen, analyst Timothy Arcuri was…
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