Here are the biggest calls on Wall Street on Wednesday
HSBC said that it could take some time for Apple to see a return on its recent investments in services.
"We estimate 24% or 216mn units of the 900mn iPhone installed base are older than the iPhone 6. And 50% of those are candidates for upgrade. Of the remaining 684mn newer iPhones , we estimate 80% or 547mn iPhones were purchased in the primary market, and these phones are also candidates for upgrade . Fig 15 is a scenario analysis that shows even with conservative upgrade estimates, there could still be upside to our iPhone units. Our PO moves to $220 on approximately 15x C20 EPS of $14.
Citi said that they like many other specialty retailers, Footlocker is also facing too many headwinds.
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