"Significant controversy remains over Apple's long-term trajectory. Most investors agree that Apple remains a hardware story, and while Services continue to grow double digits y/y, the majority of gross profit dollars would continue to come from hardware in the next few years," Bank of American analysts said in a note to clients published Tuesday.
The note outlines 10 points for each case, based on responses the analysts heard from investors after their big call Monday. Among the bull points: easier comps in 2019, a likely trade deal with China and the potential for a large buyback authorization in April.
Among the bear points: price pressure from cheaper competitors, underwhelming developments in the iPhone and threats to the App Store's current revenue share structure. (Apple takes a 30 percent cut from most apps and subscriptions sold through the App Store.)
Apple's stock has been on something of an upswing in recent months after a devastating fourth quarter. The shares are up 14 percent year to date, erasing some of the end-of-2018 losses when they shed 30 percent.
Apple rose roughly 1 percent in early trading Tuesday.
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