Apple Unlikely to develop internal cellular modem

Our view regarding headlines speculating that Apple could be designing its own cellular modem chip: we do not believe the story is credible for the following reasons:

Net/Net: We remain on the sidelines as we expect further downside to sell-side estimates for iPhone revenue. We maintain our FY19 estimate of $276B/$12.8 and price valuation of $205. We expect the stock to bounce around with macro headlines. With iPhone revenue likely in decline we expect Apple to be prudent with opex and in its choice of expansion into novel areas.

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