KeyBanc maintains a lack of clarity of thought

Is this intentionally unintelligible?

From a note to KeyBanc clients that landed on my desktop Monday.

“We remain SW AAPL. Our KFLD shows Indexed Spending +37% m/m, which is above the three-year average of +12% m/m, and +11% y/y vs. +4% y/y in Feb. We think the inflection was likely driven by products launched in March. Our broad checks suggest demand remains strong and builds are increasing, and we are adjusting our estimates. We expect F2Q results in line with consensus, and F3Q guidance above, though with AAPL trading in line with its 3-year averages and a wide spread to the Nasdaq/S&P 500, we view AAPL as fairly valued.”

Source: Philip Elmer‑DeWitt

NB: Fuller description on Philip Elmer-Dewitt’s Apple …

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