Apple earnings: Buy the iPhone maker even after its Q1 miss, analysts say

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 46 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 51%

Business News News

Apple posted its first sales drop since 2019, but analysts say the tech titan's stock is still set to climb nearly 30% over the next year

The stock was up about 1% as Friday trading got underway, but it had been down as much as 2.7% during premarket trade.

"In a nutshell, we would be buyers of this unique tech stalwart and believe Cupertino is a Rock of Gibraltar tech stock in a stormy macro," he said. Demand in the Chinese market into 2023 and potential for gross margin expansion supported Wedbush's decision to raise its Apple price target to $180 from $175 and maintain its outperform rating. "We also note that Apple now has an installed base of 2 billion devices with roughly 1.2 billion iPhones worldwide.

He said Apple offered"guiderails for modelling" in the coming quarter and that its March revenue growth view is below the $96.9 billion consensus estimate. The Jefferies analyst said it expected to see iPhone units coming in below Street expectations but higher average selling prices helps and carries forward into the March quarter. Manufacturing output normalizing is also among the catalysts for the stock.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Been apple used since 2005.. just switched to Android and qwndows. I really hope apple picks up again their technology

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Apple Misses Earnings Expectations, But Sets Revenue Record For Services BusinessApple Services, which encompasses Apple TV+, Apple Music, Apple Arcade and more, came in at $20.8 billion for the three months ended Dec. 31, up from $19.5 billion a year earlier.
Source: THR - 🏆 411. / 53 Read more »