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According to early IDC data, Apple Inc (NASDAQ:AAPL) is now No.1 in the U.S. PC market with a 28.8% market share at the end of Q3. The Cupertino-based giant overtook Dell (NYSE:DELL), which is now second-ranked with a 22.1% share.
HP (NYSE:HPQ) also saw its share drop to 19.2% while the overall U.S. PC market witnessed a 5.2% YoY decline in units to 21.1 million units. Globally, the PC market declines 15% in Q3 to 74.3 million units shipped.
“While we expect new Mac models (with new performance chips) to continue to support L/T share gain for AAPL, we maintain a Neutral rating on the stock given incremental S/T risk to earnings and valuation from weaker consumer demand,” analysts at Bank of America said in a client note.
The analysts also reiterated Underperform rating on HPQ shares and Buy on Dell stock.
Elsewhere, KeyBanc analysts raised iPhone revenue estimates to reflect higher average selling prices (ASPs). The firm’s data showed Indexed Spending was +11% MoM in September, vs. the 3-year average of 0%.
“We believe F4Q22 benefited from an additional week of iPhone sales, and a mix shift toward higher-priced devices (Pro/Pro Max) and iPhone 14 Plus ($899) replacing the iPhone 13 Mini ($699) in the lineup. We believe the data supports our above-consensus Hardware revenue ests., which we expect to be +11.0% q/q (8.0% y/y) vs. consensus of 8% q/q (5% y/y),” they wrote in a client note.
The F4Q22 total revenue and adjusted EBITDA are revised higher to $90.4 billion (+8.0% y/y, +9% q/q)) and $30.4 billion, respectively, the analysts added.
