Apple stock gets second vote of confidence from analysts this week:
Apple's stock has gotten a second vote of confidence from a Wall Street analyst in the last ...
finance.yahoo.com/news/apple-stock-gets-second-vote-of-confidence-from-analysts-this-week-161931547.html
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Apple receives a second positive analyst signal in a weekGoldman Sachs set a $199 target, while Wedbush lifted its forecast from $180 to $190.
Key FactsMar 9, 2023 · Reading time: ~45 sec.
Summary created with AI assistance · Source: finance.yahoo.com
Summary created with AI assistance · Source: finance.yahoo.com
- On Monday, Goldman Sachs analyst Michael Ng began coverage of Apple with a Buy rating and a $199 price target, after which Wedbush analyst Dan Ives raised his target from $180 to $190.
- Ives said supply-chain checks in Asia pointed to rising iPhone demand, particularly in China, where a decline occurred in the previous quarter amid COVID lockdowns and which represented about 18 percent of Apple's 2022 sales.
- Ng expects Apple's services business to generate about 40 percent of gross profit by 2027, up from 33 percent in 2022, while Ives values the segment at roughly $1.2 trillion to $1.3 trillion.
- Apple's first-quarter revenue fell 5 percent year over year, with the strong dollar and COVID lockdowns in China hindering iPhone production.
We are seeing no major unit cuts from suppliers in Asia around iPhone production yet, which is a good sign that shows a steady demand curve on the flagship iPhone 14 Pro in March/June and goes against the common negative investor sentiment on Apple (and broader tech) in this [Federal Reserve and Chairman Jerome] Powell driven narrative, Ives wrote in his note.— Dan Ives, Wedbush Analyst, in a note to investors
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