Apple seeing ‘stable to improving’ trends in iPhone business, says BofA

📆 6-4-2023 03:05:00
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BofA analyst Wamsi Mohan boosted his price objective on Apple stock to $168 from $158 Wednesday. The trends in iPhones and services “drive upside to margins,” he wrote.

Apple Inc. is seeing “stable to improving” trends in its iPhone and services businesses that could help make up for less rosy performance elsewhere, according to a BofA Securities analyst.

“Although Macs and iPads have trended worse, the highest margin parts of the portfolio will likely keep gross margins stable,” Mohan wrote. Jefferies analyst Kyle McNealy, meanwhile, noted that while unit-sales trends don’t seem particularly spectacular, the company’s results could still get a lift from average selling prices.

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