nounced that 2Q sales were down 13% ending its streak of 51 consecutive quarters of sales growth. Despite this down quarter, BAML Research analyst Wamsi Mohan reiterated his Buy rating on the stock based on a strong capital return program , Android switch rate, and interest in iPhones/demand for iPhone 7.

a continued tight market (positive for WDC). Adjusting estimates, PO stays at $155 Our PO of $155 is unchanged, based on 14x C18E EPS of $11.14. Wamsi Mohan Research Analyst MLPF&S This report is intended for c alBofAML logo Click here to access the Research Library Road the research report. availab

les of iPad =ro. This is the first quarter of iPad revenue increase since F3O16. =pple reported Mac unit sales of 4.3mn, in line with our =stimate. Wamsi Mohan <=span> Research =nalyst MLPF&S This report is intended for [email protected] <mailto Click here <http://researchlibrary.bankofamerica.com/> to

Apple shares. Next catalysts for the stock would be announcement of =ew buyback authorization (April) and earnings and WWDC in the summer of =018. Wamsi Mohan <=span> Research =nalyst MLPF&S This report is intended for <mailto Click here <http://researchlibrary.bankofamerica.com/> to access the Researc

view the potential =mplementation of a border adjusted tax (see deep dive note), trade conflicts and a stronger USD =s key risks for Apple in 2017. Wamsi Mohan <mailto:[email protected]> Research Analyst MLPF&S +1 646 855 3854 </=able> This report is intended for [email protected] =o:p class=""> 3