Apple Shares Surge 7% on Q4 Beat

Apple (NASDAQ:AAPL) shares rose more than 7% higher on Friday following the company’s reported Q4 results, with EPS of $1.29 coming in better than the Street estimate of $1.26. Revenue was $90.1 billion, compared to the Street estimate of $88.76 billion.

Analysts at Deutsche Bank slightly lowered their price target to $170 from $175 post results. The brokerage noted that the results were ahead of Street estimates with an upside in Macs and Wearables more than offsetting the downside in iPhones and Services.

The company did not provide revenue guidance for Q1, which is a 14-week quarter, but did suggest total revenue will decelerate from the Q4 level, while Services should grow year-over-year. That said, it's unclear whether revenue would grow on a 13-week basis.

Considering the slower growth for iPhones in Q4 and media reports suggesting iPhone production cuts, the analysts lowered their forecast for iPhone units for 2022/2023 from +1%/+3% to -1%/-3%.