Glonghui, April 24 | Bank of America Securities released a report stating that Apple's revenue and earnings per share for the second fiscal quarter ended at the end of March were higher than market expectations. Mainly because the bank expects sales revenue of Vision Pro, a subsidiary of the company, to reach 1 billion US dollars, and market forecasts are not reflected. However, due to weak demand, the bank lowered its iPhone sales forecast for the third fiscal quarter ending in June from 43 million units to 40 million units, and the market is expected to have 43.6 million units. The bank also predicts that Apple's revenue and earnings per share for the third fiscal quarter will be US$81.7 billion and US$132 million, while the market is expected to be US$83.8 billion and US$1.33 billion. The bank indicates that although the demand environment is weak, the company's stock price already reflects this situation. The bank's overall forecast for Apple this year remains unchanged, mainly due to factors such as advantages brought by GenAI, rising gross margin, and service momentum. Bank of America Securities lowered Apple's revenue forecast and earnings per share for the 2024 fiscal year ending the end of September to US$393 billion and US$6.68, respectively. The company is also expected to receive $90 billion in new licenses. In addition, the bank also simulated that the company would increase its dividend by 5% starting in the June quarter. Mainly because Apple is still striving to achieve net cash neutrality. Bank of America Securities expects the company's cash flow to remain strong and defensive. Free cash flows for the 2024 and 2025 fiscal years are expected to be $100 billion and $108 billion, respectively. The bank maintained Apple's target price at $225 and reaffirmed the “buy” rating, making it the first choice this year.