Apple likely to remain 'source of safety' ahead of Q3 results, Jefferies says
Apisorn
Apple (NASDAQ:AAPL) is slated to report fiscal third-quarter results on August 3 and investment firm Jefferies said the U.S. tech giant is likely to remain a "source of safety" for investors due to its predictability. 
Analyst Andrew Uerkwitz, who has a buy rating on Apple (AAPL), said it is the most "boring" of all buy-rated stocks, as it lacks pizazz associated with cloud or artificial intelligence, but it continues to grind higher due to consistency.
"Its moat has been, remains, and will be its ability to integrate software services with its hardware that builds a regular replacement cycle, ability to slowly raise prices, and take share," Uerkwitz wrote in an investor note. "This consistency is what makes it a buy-rated stockâespecially in an uncertain economic environment."
For the coming June quarter, Uerkwitz, who raised his per-share price target to $225 from $210, expects Apple (AAPL) to generate $83.6B in revenue, above the Wall Street consensus, due in part to the iPhone and services, which he said are the " two most important drivers of the stock."
Uerkwitz added that Hardware sales are expected to be flat year-over-year, with the iPhone flat, weakness for the iPad and strength in the Mac. 
"All in all, we expect a benign quarter," Uerkwitz added.
A consensus of analysts estimate that Apple (AAPL) will earn $1.19 per share on $81.77B in revenue during the quarter.
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