This document is a financial analysis report by Bank of America Merrill Lynch on Apple Inc., reiterating a 'Buy' rating ahead of the iPhone 8 cycle. It discusses concerns over Qualcomm royalties, services growth deceleration, and China market challenges, but highlights positive factors like capital return, cash repatriation potential, and the iPhone 8 cycle. The report includes detailed financial estimates, valuation metrics, and a comprehensive analysis of Apple's financial performance and market position.
documents/EFTA00796512.pdf
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