Apple's iPhone revenue continues to disappoint... But it's got another business that's a surprise star right now.
Apple AAPL, +2.04% managed to beat overall revenue expectations despite falling short on iPhone and services revenue thanks to a big quarter for its wearables business, which grew about 50% in the period.
Suva said that while a big part of the bull case for Apple revolves around services opportunities and the bear case hinges on tough times ahead for the iPhone business, Apple’s traction with a broader suite of offerings is encouraging. He called out watch bands as a strong performer as of late, while keeping a buy rating on the stock and upping his price target to $250 from $205.
Oppenheimer analyst Andrew Uerkwitz also cheered “outstanding wearable and service momentum” in the latest quarter, keying in on management’s disclosure that more than 75% of Apple Watch customers in the period were buying their first ever Apple Watch.
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