The tech giant jumped nearly 2% after announcing a beat on the top and bottom for the fourth quarter. Better-than-expected results were driven by growth in its services and wearables segments.
"[It was] a Goldilocks quarter, in my opinion, in terms of just the iPhone numbers ... I think services are worth $400 [billion] to $450 billion. You look at the valuation here, I think $265 is the next stop, but this is a stock going into next year [that] could have a three in front of it in terms of the 5G upgrade cycle. ... You will get the upgrades, 900 million install base, you have a third of that right now ready for a window of opportunity.
"The gross margins are better than expected, the services' gross margins significantly better than expected — 64.1% now. Services are now 20% of this quarter's revenue, that's good. ... I think the first-quarter guide is fine. I don't think it's anything remarkable. I think the question is has the run from $175 to $245 been too much, too fast? And, does it stall out here? I don't think it should.
"The street has fully embraced the story of the evolution. It's now north of an S&P multiple, and we'll see if that trend continues. ... The bar was not so high because people thought 'all right, maybe iPhones, we're not going to see it yet, we'll see it next quarter' ... I'm long. I liked the story. I like the evolution, but it is getting a little pricier.
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