Список проголосовавших за комментарий " Apple: Dec-qtr preview and «Cheat Sheets» – lowering ests for FX and production cuts — RBC Capital Mkts (119.75)RBC notes heading into Dec-qtr print, <strong>they have adjusted their Dec-qtr and FY17 rev ests to reflect currency headwinds resulting from USD strength since November, partially offset by local price increases and f/x hedges. </strong>Also, firm's Mar-qtr adjustments reflect incremental production cuts that they understand AAPL has implemented recently to better manage their channel inventory. Firm's Dec-qtr rev est is reduced by ~70bps while EPS is lowered by ~0.05 vs. prior est. Notably, rev headwinds for AAPL could create GM headwinds as a result of AAPL's USD-denominated costs, although hedges should partially offset some of the impact. <strong>Fundamentally, they remain positive on AAPL based on 1) potential for iPhone 8 super cycle, 2) continued growth in high-margin Services business, 3) new MacBook Pro product should revert Mac segment to y/y growth in CY17, 4) potential upside from Trump-onomics (taxes, cash repatriation), 5) attractive valuation (~8.5x EV/FCF).</strong>"