Apple rises as Bernstein raises Q3 estimates, citing strong supply, 'healthy' Chinese demand
Shahid Jamil


Apple (NASDAQ:AAPL) shares rose on Monday as investment firm Bernstein raised its estimates for the fiscal third quarter, citing better-than-expected supply and strong demand in China.
Analyst Toni Sacconaghi raised his earnings per share estimates to $1.19 and revenue forecast to $84B, compared to the consensus of $1.15 and $82.5B, noting Apple (AAPL) likely grew Services 12% year-over-year, even when accounting for a tough comparison.

Looking ahead, Sacconaghi said there are "conflicting forces" for Apple's (AAPL) fourth quarter, as it could deliver "above sequential growth" that is also aided by inventory replenishment, but additional consumer weakness and currency headwinds could negatively impact results.
Apple (AAPL) shares rose slightly less than 1% to $151.54 in premarket trading.
The analyst added that Apple's (AAPL) commentary could point to "at least" high single-digit year-over-year growth for the fourth quarter, which could be viewed as a "positive."
Last week, an influential analyst said that the demand for Apple's (AAPL) iPhone 14 is "continuing to increase" among distributors, retailers and scalpers in China, despite the fact it is not out yet.