• Apple’s robust Q3 FY2020 (quarter ended June 2020) results highlighted by higher than expected product sales was quite impressive considering challenging circumstances and supply disruptions amid the pandemic. Consequently, we revise our top and bottom line forecasts upwards for 2020E, and 2021E, to $274 billion ($264 billion earlier) and $300 billion ($291 billion), respectively, and accordingly revise our target price to $451.69 from $409.26.
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