Despite Strong Q4, Apple Is Not Immune to Macro and Foreign-Exchange Headwinds; Maintaining $130 FVE

Narrow-moat Apple reported impressive fiscal fourth-quarter results that came ahead of our estimates thanks to iPhone and Mac strength. We are maintaining our $130 fair value estimate and still view the shares as overvalued. While we remain positive on Apple's ability to extract revenue and robust profits from its installed base via new products and services, we believe demand for the company's products is likely to slow in the next few quarters following several stellar quarters of growth.