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Analysts stand by Apple, say iPhone maker's 'flywheel keeps spinning' despite disappointing earnings

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Despite Apple's near-term headwinds, analysts aren't giving up on shares just yet.

Analysts aren't giving up on Apple despite the tech giant's near-term headwinds. The iPhone maker on Thursday posted its largest quarterly decline in revenue since 2016 . It also posted weaker-than-expected results in multiple areas as it grappled with a strong dollar, macro issues and production problems in China that constrained iPhone 14 Pro and Pro Max production.

mountain Apple falls after disappointing earnings But Apple isn't out of the macro woods just yet, according to some analysts. Bank of America's Wamsi Mohan retained a neutral rating on shares, saying concerns such as lower consumer spending and tough year-over-year comparisons outweigh the near-term positives. The disappointing print, may, however, offer a much needed reset and solid setup for 2024, said Bernstein's Toni Sacconaghi. "We net out mixed on Apple's results.

 

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