That’s the view of Evercore ISI analyst Amit Daryanani, who said that Apple Inc.’s AAPL latest quarterly results “validate not just the diversity of Apple’s revenue stream,” but also showcase “the ‘consumer staple’ nature of iPhones,” whereas investors may see the iPhones more as “a discretionary technology product.”That’s the view of Evercore ISI analyst Amit Daryanani, who said that Apple Inc.
“Still, at a time of tech wrecks right and left, it was impressive to see Apple execute on this core line,” he wrote. “Apparently, the iPhone 14 Pro Max production constraints that kept most from being able to buy the device in time for Christmas last year, pushed a meaningful portion of buyers into the March quarter. Many waited, instead of canceling.”Apple’s continued resonance with its consumer base stuck out to Jefferies analyst Andrew Uerkwitz as well.
“With records being set on the installed base of active devices across all geographies and all product categories, we believe investors are likely to continue to look past the noise of quarterly results as AAPL is likely more resilient to macro than it has ever been,” he wrote while maintaining an outperform rating and raising his price target to $180 from $177.
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