Record iPhone sales expected in FY21e and FY22e, topping its 4G super-cycle in 2015. 5G push for iPhone upgrading. Margins to stay elevated from fast-growing services and higher selling prices of new 5G products. Initiate coverage with BUY recommendation and DCF target price (WACC 5.8%) of US$187.0. Company Background Apple's revenue comes from the iPhone […]

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