This note is being issued as in the August-September period Apple spent $12 billion buying back its own shares. These are the two highest months of this financial year On a positive note this suggests that management continue to see the shares as undervalued and that as holders we now own a bigger % of future profits. On a negative view the concern is that without this level of purchases the share price would be lower than it is. We continue to see $100 as a buy point and $150 as a sell point.
We do note the imminent release of the ipad pro. Our understanding is that this is not generally seen as a game changer. We do think there is possibly some upside to this as the larger iphone demonstrated that in certain markets a larger screen can be well received. How much of a look through from phone screens to an ipad we do not know but its something we are bearing in mind.
We continue to be a happy holder.