Apple’s Add-On Products and Software Shine; Raising FVE to $175, Shares Fairly Valued
Apple reported solid fiscal second-quarter results and provided investors with a decent third-quarter forecast that was not as bad as we feared. Although the iPhone X “super cycle†did not transpire over the past six months, iPhone unit sales held up well while higher average selling prices, or ASPs, per device continued to contribute to robust revenue growth. We were also impressed with growth seen in Other Products and Services, especially as we continue to believe that sales of add-on hardwar...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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