Apple 2017: Exceeding Expectations
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- Market prices imply no future growth and Apple looks attractive on a relative and standalone basis.
- Even if iPhone sales have peaked there are several business and macro tailwinds for 2017.
- Forecast for 2017: net sales of $228.6 billion and EBITDA of $74.5 billion.
- Fair value estimate: $133. Rating: Buy.
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