Apple: We Raise Our Sales Forecast and Raise Our FVE to $160 but Continue to See Shares as Rich

We raise our fair value estimate for wide-moat Apple to $160 per share, from $150, after modest upward revisions to our five-year sales forecast. We also lower our Uncertainty Rating for Apple to Medium, from High, based on higher conviction in the firm’s ability to offset consumer spending cycles with its premium and differentiated approach. We continue to see Apple as a dominant technology ecosystem provider meriting a wide economic moat, and we maintain our Exemplary capital allocation rating based on a strong investment track record that has helped carve the firm’s moat.