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Macquarie analyst Han Joon Kim writes that Alibaba (BABA -0.9%) has “weathered the tough market environment better than expected.”
The analyst left conversations with BABA’s investor relations confident that H2 is “trending better than feared,” but he notes that better core marketplace momentum could be partially offset by weaknesses in digital media and entertainment.
Macquarie maintains an Outperform rating on BABA and lifts its target to $262. Alibaba has a Very Bullish average Sell Side rating.
KeyBanc says spending data suggests that Apple’s (NASDAQ:AAPL) U.S. iPhone sales fell 56% Y/Y in March due to the retail store closures, and online sales haven’t been able to compensate.
Analyst John Vinh writes that blended ASPs dropped 20% Y/Y last month, which is a “significant” decline.
Vinh says the trend will be negative for Apple suppliers and only recommends buying Broadcom (NASDAQ:AVGO).
Other Apple suppliers include Cirrus Logic (NASDAQ:CRUS), Skyworks Solutions (NASDAQ:SWKS) and Qorvo (NASDAQ:QRVO).
Pareteum (TEUM +9.9%) has entered a procurement deal with Vodafone Enabler España (VOD +2.2%), to provide mobile network services.
The deal, through Pareteum’s European operating subsidiary, is a new contract for existing and future services running to March 26, 2022, with automatic one-year extensions.
Pareteum will draw payments from VEE (a Vodafone company focused on MVNOs) based on the number of subscribers per month.
Microsoft (NASDAQ:MSFT) says Teams video calls skyrocketed last month, but the company doesn’t provide a specific figure.
Teams calls that included video rose from 21% to 43% over the month.
Overall minutes spent in meetings by all Teams users rose from 900M minutes on March 19 to 2.7B on March 31.
Remote work steadily grew over the month as more states implemented coronavirus stay at home orders and lockdowns.
Nomura raises Apple’s (NASDAQ:AAPL) target from $225 to $240 and maintains a Neutral rating. The company has a Bullish average Sell Side rating.
Analyst Jeffrey Kvaal cites the company’s “robust ecosystem, multiple expansion,” and strong balance sheet.
Kvaal remains on the sidelines due to the recession and the “inflated supercycle expectations,” which “undermine the bull case.”
Apple shares are up 1.3% pre-market to $269.50.
